La Canada Home Sales December 2107: Last month, Half of La Canada’s home sales exceeded $1,620,000, marking the median selling price. This figure reflects the strong demand in the area. Now, let’s look at how the new tax plan affects these buyers. With a 20% down payment on the median selling price, the typical buyer secures a loan amount of $1,296,000. However, the new tax law only allows a mortgage interest deduction on the first $750,000 of that loan. This significant difference reduces potential tax benefits for many buyers.
Property taxes add another layer of impact. On a median-priced home, property taxes hover around $18,000 annually. Yet, the new tax law caps the deductible amount at $10,000. This change clearly affects the average La Canada buyer, cutting into potential savings. On the other hand, luxury and high-net-worth buyers may feel less of an impact. Their financial structures often absorb these changes more easily. While this shift may not trigger a market crash, it could start to slow the pace of rapid home appreciation. In the end, supply and demand still drive the market.
La Canada Home Sales December 2107 Recap:
Last month’s sales in La Canada highlighted the broad range of home values. Prices started at $850,000 for a 1,472-square-foot home on Hilldale. On the upper end, a six-bedroom, six-bath estate on Commonwealth sold for $3,600,000. This spectrum of prices showcases the diversity of options in the area.
The market’s extremely low absorption rate also tells a story. Smart sellers understand this trend and keep their homes listed through the holidays. Inventory shrinks, but buyer demand stays strong, creating a prime opportunity for sellers willing to stay active in the market.
Notably, three homes sold for under $1,000,000, offering rare opportunities for entry into La Canada. Meanwhile, four homes sold for over $2,000,000, reflecting continued interest in luxury properties. The numbers make it clear: demand is still high, and well-priced homes continue to move swiftly.
