Last month 13 La Crescenta homes closed escrow. Eight homes sold over asking price. A four bedroom, three bathroom home on New York sold $71,000 over the list price. Click here to learn more about event pricing and how it appeals to the herd mentality. Two homes sold at list price, three sold for less than the asking price. Three of the thirteen La Crescenta sales were over $1,000,000. Selling prices ranged from $695,000 for a 1,034 sq ft home at 3622 4th Ave. to $1,325,000 for a 4 +3 Webster Wiley home in Pinecrest. The median selling price was $885,000.
Median Price vs. Average Price, which is the most telling? The median selling price is the better indicator of value.
Assume the median selling price of $885,000. 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.
An example might be the Neutra’s Dorothy Serulnic Residence and the Pittman-Dowell Residence listed at $4,500,000. If this property were to sell at or near the asking price, it would greatly increase and distort the average selling price.