Sierra Madre real estate home sellers are begining to price their homes more aggressively and closer to what the home buyers are willing to pay. The average price per square foot for sold homes in August was $435 and the average price per square foot of homes on the real estate market is $452. There's still a bit of a discrepancy, but it's getting closer.
Price reductions 23 out of 37 single family Sierra Madre homes for sale underwent price reductions. That's 62% of the sellers finally realizing that they are no longer driving the market, the buyers are! It's about time since some of these homes have been on the market for a year or longer and the majority of these Sierra Madre homes have been listed for sale close to 4 months.
Lowest priced SFR (single family residence) in Sierra Madre is listed at $399,000.
Highest priced SFR in Sierra Madre is listed at almost $2,000,000 at $1,999,999.
Sierra Madre Real Estate Market statistics for August 2008:
|Single Family Residence||Aug-08|
|Average Days on the Market||123|
|Average Price Per Sq. Ft.||$435|
|Average Selling Price||$707,000|
|Absorption Rate (# of weeks to sell current inventory at present rate of sales)||11.6|
|Condos and Townhomes||Aug-08|
|Average Days on the Market||163|
|Average Price Per Sq. Ft.||$340|
|Average Selling Price||$562,000|
|Absorption Rate (# of weeks to sell current inventory at present rate of sales)||6.5|
Real estate data based on information from ITEC (Pasadena Foothills Association MLS service)