How Well is Sierra Madre Real Estate Holding Up?

I have been a resident of Sierra Madre for over 16 years. I love the small town, the pride in the community, funky, artistic, personality bursting out like the Wisteria Vine calling for an annual festival. 

Through the years, I had gotten to know some of the local personalities and businesses. I knew enough to know that – in the clichéd words of my colleagues (Realtors) - this was what was meant by location, location, location. 

Sierra Madre, like much of California (and the country), has been hit hard by the recession and housing crisis, but (along with a few other areas), it seems to have retained value, comparatively speaking.

One of the reasons why we have sustained our value is that buying a home here has not changed much. The inhabitants have reshuffled a bit, perhaps the artist and more “colorful” residents are no longer the only inhabitants of the canyons, but people still come here for a safe and family-friendly place that feels like a home they can stay in for a long time.

I hesitate to say publicly that people still leave their doors open (not wanting our local police force to close down my blog) but there is a sense of safety, whimsy, and purpose that is hard to find elsewhere.  

Overall, Sierra Madre's real estate market is in line with surrounding cities. There is more supply coming on the market relative to the sales demand.

There has been a decrease in distressed properties such as foreclosures and short sales as a percentage of the total market in April. Properties are staying on the market longer, at an average of about 135 days, compared to 1 year ago, when it was just 55 days. 

This could be due to buyers sitting on the fence, trying to predict what the market will do next and the stringent lending criteria in effect by lenders. Thirty-day escrows are not the norm, more like 45 days or so.

The Numbers: Median listing price in Sierra Madre went up from April to May. This week, it's at $839,000. Currently, there are 4 notice of defaults filed within the past 4-6 months, 44 total inventory, and 2 price reductions. Listing prices range from $274,900 - $2,250,000.