While the number of homes sold hasn’t changed comparing September 2012, vs. September 2013 – the average price per square foot of La Canada home sales has increased 17%. Last year the average price per sq ft of standard sales was $435.05, days on market was longer at 77, and the average selling price was more than $200,000 lower – $1,201,746. Last year’s absorption rate of 2.7 fairly similar to this year.
The other big impact is the lack of distress sales (foreclosures and short sales). Last September, 25% of La Canada home sales were foreclosures or short sales. This year it’s just 5% of the market.