La Canada housing market for January 2o22: In January 2022, the median selling price rose by $100,000 compared to the previous year. This sharp increase reflects strong demand and a healthy market in La Canada. As a result, sellers saw higher returns on their properties.
However, despite the price rise, sales were down. The lower absorption rate shows homes selling more slowly, suggesting fewer homes are being purchased, possibly due to higher prices or changes in buyer behavior.
Additionally, La Canada’s listing inventory has decreased. This decline in available homes for sale further contributes to the market’s slower absorption rate. With fewer properties on the market, buyers have fewer options, which can increase competition for the available homes, pushing prices even higher. In summary, January 2022 reflects a more competitive and higher-priced market than January 2021. Still, the decrease in inventory and fewer sales suggest some shifts in buyer activity and overall market conditions.
The least expensive La Canada home sale was a two-bedroom, one bathroom, 902 square foot located at 1622 Foothill Blvd. selling for $999,000. The most expensive home sold last month was a six-bedroom, eight-bathroom, 7,885 square foot home located at 4240 Woodleigh Lane selling for $7,500,000.
The average price per square foot varied greatly. 350 Starlight Crest, a four-bedroom, five-bathroom home sold for $570.90 per foot. While a two-bedroom, two-bathroom home in the Sagebrush neighborhood on Castle sold for $1176.71 per foot.
I keep waiting for the absorption rate to improve and it just keeps not happening