La Canada Home Sales, July 2018
Last month there were twenty-six La Canada home sales. The least expensive sale was $899,000 for a two bedroom, two bath, 1,444 SqFt home on Leata Lane. The most expensive home sold for $6,250,00 for a four bedroom, five bath, 4,796 sq ft home on Chevy Chase Dr. Twelve homes sold for less than the asking price, and fourteen La Canada home sales sold over asking price.
The low absorption rate of 2.15% reflects a strong seller’s market. Note that the last two months reflect that is taking longer to sell La Canada homes. Days on market (DOM) is nearly two months. The median home price indicates that one half of La Canada listings are selling for more than $1,747,500 and one half for less.
Millennials believe in the American Dream of owning their own home. Their biggest obstacles are student loans and lack of savings. The path to homeownership starts with a savings plan. What can you live without? Dining out? Expensive Cars? Luxury Apartments? Starbucks? Spend a week journaling each expense and then determine where you can cut back. We continue to see that parents are helping children with their home purchase. Revisit gift tax rules here.