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La Canada Housing Market September 2020

Let’s dissect the La Canada Housing Market in September 2020. The least expensive sale was a two-bedroom, one-bathroom, 1,000-square-foot home located at 4403 Indiana Ave. It sold for $710,000, which was $1,000 over the asking price. The most expensive home sold was a six-bedroom, six-bathroom, 6,324-square-foot home. Located at 5011 La Canada Blvd., it sold for $4,035,000.

In your typical annual real estate cycle, September is when sales would fall due to the beginning of the school year and upcoming holidays. But in 2020, we have learned nothing is typical. Real estate has been one of the few bright spots in our economy this year. Interest rates remain low. Most homes are selling quickly, often after a bidding war! Twenty-nine homes sold last month. Eleven of these homes sold over the asking price, six at the asking price, and twelve sold for less than asking.  Eight homes had price reductions before selling. The imbalance between homebuyer demand and listing inventory is particularly acute for entry-level buyers.

La Canada Flintridge Housing Market September 2020

The 2020 housing market has surpassed all expectations and continues to drive the economy. But can it continue throughout the end of 2020? There is much uncertainty regarding COVID, the presidential election, and unemployment? According to Lawrence Yun, Chief Economist, National Association of Realtors, “Home sales continue to amaze, and there are plenty of buyers in the pipeline ready to enter the market…Further gains in sales are likely for the remainder of the year, with mortgage rates hovering around 3% and with continued job recovery.”
In speaking with potential home sellers I have been explaining there is currently no more spring selling season. COVID has pushed the buying season further back in the year, adding to recent sales. 4th of July was a regular selling day in this Realtors life.  Just one note of caution due to historic low interest rates home sellers and buyers need to be prepared for lender delays.  Most mortgage lenders are overwhelmed with refinance fever and trying to get a loan closed in thirty days is a tough timeline.

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