La Crescenta Housing Market Update: Last month 28 La Crescenta homes closed escrow. More than half of these homes sold for over the asking price. A three bedroom, two bathroom home on Franklin sold $127,000 over the list price. Click here to learn more about event pricing and how it appeals to the herd mentality.
It’s an extremely competitive market for La Crescenta home buyers. The absorption rate of less than 1% indicates a very unbalanced market heavily favoring the seller.
Median Price vs. Average Price, which is the most telling? The median selling price is the better indicator of value. The median selling price last month was $832,500. Half of the homes sold for more and half sold for less. The median selling price is not influenced by an abnormally high or low selling price.
I have been crunching La Crescenta housing numbers for ten years: