La Canada April 2015 Real Estate Values: The number of La Canada home sales has picked up, but sadly (for home buyers), the absorption rate is down. According to a report from the U.S. Census Bureau, the percentage of U.S. residents who own their homes is at the lowest point it has been for more than 20 years.
La Canada April 2015 Real Estate Values Recap:
The number of closings in La Canada is the highest we’ve seen so far this year. Homes are selling faster, and for more—on average, 102.13% of the asking price. This is strong evidence of high demand. At the same time, the average cost per square foot, average sale price, and median sale price have all dipped slightly from March. However, they remain well above where they stood at the start of the year.
Homes are also spending less time on the market. The average is now just 30 days, making this the fastest-moving market of 2015. This Spring belongs to sellers. But there’s a silver lining for La Cañada buyers. On Tuesday’s broker tour, fifteen new homes hit the market. That’s the most inventory we’ve seen in a single day in weeks. We’ll watch closely to see how quickly these homes are snapped up. In short, competition remains fierce—but opportunities are starting to bloom.
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