Let’s take a look at La Canada stats for January 2018 vs. 2019:
Last month only five La Canada homes sold, a noticeable drop compared to January 2018, when there were ten sales. This decline in sales volume highlights the shift in market conditions. However, the year-over-year absorption rate jumped to 7.8%, a significant increase from last January’s 2%. This spike indicates that, despite fewer sales, the market is much stronger now, suggesting a shift towards a more competitive environment.
La Canada home stats for January 2019 Recap:
None of the homes sold had price reductions before closing, which points to accurate pricing strategies from sellers. Four homes in La Canada sold for less than their asking price, while one home sold for $19,000 over the asking price, showing that demand remains high for well-priced properties.
The least expensive sale was $868,000 for a four-bedroom, two-bath home on Paulette Place, offering 1,651 square feet of living space. On the other end of the spectrum, the most expensive home sold for $8,000,000. This luxury property on 4158 Commonwealth Ave. featured five bedrooms, seven baths, and an expansive 12,640 square feet of space, highlighting the diversity of the La Canada market.
The median selling price for homes last month was $1,300,000. This figure indicates that half of the homes sold for more, and half sold for less. Notably, entry-level housing continues to be in high demand in La Canada, a trend that is evident in the lower-priced properties moving quickly. Despite a decrease in total sales, the market remains strong for well-priced homes across all price ranges.
Very interesting that the January to January compared median price is nearly a million dollars lower this year
Yes the market has changed. First time buyers are fueling this market – evidenced by the median price.