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Sierra Madre Real Estate and Housing Market Report – September 2008

Sierra Madre Real Estate and Housing Market Report – September 2008

Sierra Madre’s real estate statistics for the month of September are below.  In September, only 9 homes closed escrow in Sierra Madre.  That’s a significant drop from August.  At the same time, the number of new Sierra Madre homes on the market remain pretty constant.  Steady listing numbrs and lower Sierra Madre home sales result in a significantly higher absorption rate.  It will take 19.3 weeks to sell the existing Sierra Madre inventory if no additional homes come up on the market and if the rate of sales remains the same.

Looking over the September listing inventory for Sierra Madre shows that home sellers are still signifcantly over pricing their homes.  On average, sellers are asking $463 per square foot.  While buyers were willing to pay only $417 in September.

The lowest priced Sierra Madre home is $360,000 at 261 Grove Street.

The highest priced Sierra Madre home is $1,999,999 at 380 N. Lima Street.

There are five available Sierra Madre condos and townhomes for sale.  The rate of sales for the last two months have been at two sales each month.

See: Sierra Madre Real Estate Market Report for August

Sierra Madre Real Estate Market statistics for September 2008:

 

Single Family Residence Aug-08 Sep-08
New Listings 8 7
Total Listings 37 40
Sales Pending 3 5
Homes Sold  15 9
Listings Expired 3 6
Average Days on the Market  123 91
Average Price Per Sq. Ft. $435 $417
Average Selling Price $707,000 $739,667
Absorption Rate (# of weeks to sell current inventory at present rate of sales) 10.7 19.3
     
Condos and Townhomes Aug-08 Sep-08
New Listings 0 1
Total Listings 3 5
Sales Pending 1 0
Homes Sold  2 2
Listings Expired 3 0
Average Days on the Market  163 122
Average Price Per Sq. Ft. $340 $336
Average Selling Price $562,000 $405,000
Absorption Rate (# of weeks to sell current inventory at present rate of sales) 6.5 10.8

 Real estate data based on information from ITEC (Pasadena Foothills Association MLS service)

For weekly updates on the real estate market activity, please feel free to request market analysis reports with detailed information by clicking on How’s the Market page on this Pasadena real estate blog.  These reports are gathered and updated by Altos Research and will be emailed to you with my compliments.

Posted by Irina Netchaev, Monterey Hills Real Estate Agent   626-627-7107   

 

SEARCH SIERRA MADRE HOMES FOR SALE

SEARCH SIERRA MADRE CONDOS AND TOWNHOMES FOR SALE

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Posted on October 23rd, 2008
Posted by: Irina Netchaev

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