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Lee Bothast's Blog

By Lee Bothast | Agent in South Pasadena, CA

San Rafael Hills Real Estate Market Update week ending 3/21/11

How's the market in Pasadena's San Rafael Hills Real Estate area week ending 3/21/11?

San Rafael Hills Real Estate is a Seller’s Market – ever so slightly. Here's why:

· 5.3 months supply of homes trending

· 8 Homes available (1 new)

The 6 month numbers are as follows:

Average Sale Price: $850,222

Median Sale Price: $825,000

Average Days on Market: 76

Average Sale Price to List Price Ratio: 95.40

Of Special Note this week: San Rafael Hills Real Estate is seeing a return to a Seller’s market! There were 3 properties that closed escrow this week in the hills, one plot of land and 2 homes, all contiguous to one another! These properties were the first to sell since December 9th!  The San Rafael Hills market also saw the return of a home that had been on the market for a long time before, and now it’s staged! Something must have worked because it received a strong offer right away even though the price only came down $50,000! Let’s hope this trend keeps up (even though only one house went into escrow this week)!

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