La Crescenta Housing Market Update September 2018: Last month twenty-four La Crescenta homes closed escrow. A three bedroom, one bathroom, 1,128 sq ft home on Encinal Ave. sold for $600,000 and a five bedroom, seven bathroom, 6,925 sq ft home on Briggs Ave. sold for $2,350,000.
Fourteen of these homes sold for over the asking price. Click here to learn more about event pricing and how it appeals to the herd mentality.
The low absorption rate continues to reflect the strong seller’s market in La Crescenta. The market is very competitive especially for homes priced under $1,000,0000. Median Price vs. Average Price, which is the most telling? The median selling price is the better indicator of value. The median selling price in La Crescenta last month was $837,625. 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.
Now is a great time to move up! According to Core Logic’s June Home Price Index, there are four housing tiers. The lowest priced tier increased nearly 10% year over year. The low to middle tier 8%, 7% for the middle to moderate tier and 5.7% for the high price tier. These are nationwide numbers but are applicable to the Los Angeles housing market as well.
Interested in knowing more about La Crescenta real estate? Give me a call @ 818 790-7325. Click here to keep apprised of real estate values in your neighborhood.