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Sierra Madre Real Estate Market Report – March 2008

The next several consecutive posts will be market data tables from our local real estate market. This table shows how Sierra Madre fared in comparison to the national real estate trend numbers that were released a couple of days ago showing a 14% reduction in home prices.

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As you can see from the numbers, there were very few closed transactions in Sierra Madre . . . a whopping 6 for the entire month of March. This is almost half the number that sold during the same time last year, and it took about 30% longer to sell (86 days on market compared with 63).

But just like many surrounding areas, prices were up on all accounts, from low “sold” price to the median home price. The message? If you’re willing to price reasonably, you will likely be in escrow in less than 90 days, and you’re still going to sell for more than you could have last year. At least, so far.

This is NOT what most real estate markets are experiencing, so let’s count our lucky stars! And we’re even luckier that NO Sierra Madre homes were lost in the recent foothill fire . . . that was scary. A friend of ours had the flames stop only 3 feet from their backyard fence! Yikes!

I’ve got a cabin up Santa Anita Canyon past Chantry Flats on the way to Sturtevant Falls, and we were holding our breath hoping the flames wouldn’t go over the top, and they didn’t. But wow, talk about stressful!

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