Market Update

2013 is off to a good start as home sales continue their pace into the new year with buyers staying true to their resolutions and goals and starting their new home search, sellers are listing their homes an.d taking advantage of the low mortgage rates and upgrading into larger homes. Although, We still are at a all-time low with the housing inventory. For example, there are only 8 homes active on the market for sale in San Marino! Several real estate tax breaks have been extended including the Mortgage interest Deduction as well as Mortgage Insurance Premium deductions. More on my previous blog. We also have seen a steady decline in the National foreclosure rate as banks ease restriction on short sales. The low number of available homes for sale also helps decrease this number. More on this on my blog.

Just to give everyone an idea of what is selling in the area, I put together a combined list including areas of Arcadia, Bradbury, Duarte, Monrovia, Sierra Madre, Pasadena and San Marino. This list makes up the sales for residential properties that are for sale, in escrow or closed.

Resale’s (Traditional): 72.4%

Short Sales: 17%

REO’s: 10.6%

Norma Mardelli

Top 2% Coldwell Banker Internationally Luxury Homes Specialist Representing: Pasadena, San Marino, La Cañada, South Pasadena, Arcadia, Sierra Madre, Altadena, San Gabriel, Alhambra, Glendale, La Crescenta