Before we take a look at La Canada’s February real estate market stats, let’s examine what median selling price means. Median means “in the middle”, the median price is the midway point. The median selling price means that half of the homes sold above the median and the other half below.
It’s a tough market for La Canada home buyers, the average price per square foot, and median selling price have dramatically risen year over year. Days on market have decreased; the average La Canada home is selling for 105% of asking price.
According to Jonathan Smoke, chief economist for Realtor.com. “Demand is growing, but supply is tightening. The real estate market won’t see growth unless inventory grows.”