Last month seventeen La Crescenta homes (91214 zip) closed escrow. Prices ranged from a three bedroom, two bathroom 1,124 sq ft home on Mayfield sold for $695,000 to a four bedroom, four bathroom, 2,604 sq ft home at 2404 El Moreno St. sold for $1,175,000. Let’s examine the La Crescenta Housing Market Update April 2019:
Eight of these homes sold for over asking price, two sold for asking price and seven sold for less than the original asking price. Four of these La Crescenta home sales had a price reduction prior to selling.
Pricing your home to sell can be tricky and sometimes you and your real estate agent get it wrong. When that happens, you need to react quickly with a price reduction or change in strategy. The number of days on market (DOM) greatly increased because of two sales. The home located at 3813 Sky View Lane was originally listed for $1,190,000, reduced to $1,140,000 and after 259 days on the market sold for $1,075,000. 2707 Altura Ave., originally listed at $1,089,000 was reduced to $939,000. This home closed escrow 176 days from list date at $905,000.
The median price (half the home sold for more, half for less) is steadily increasing year to date. The median is more indicative of market conditions than the average selling price. The average can be skewed by a relatively small share of upper-end transactions.
From Core Logic: “Homeownership remains an important part of the American dream. Our research found that being a homeowner makes consumers feel safe in their homes. Renters really want something to call their own. However, until affordability comes back into balance, renters will have a hard time purchasing a home.”