Let’s take a look at the La Canada Housing Market for July 2022. The absorption rate has been inching up, signaling a slight slowdown in the pace at which homes are selling. Homes are staying on the market longer. The number of days to secure a buyer has increased compared to previous months.
The most significant shift, however, is the average sales price to list price ratio, which has fallen below 100% for the first time this year. This means that, on average, homes are selling for less than their asking price. This hasn’t been seen in the market for some time. Buyers may be gaining a bit more leverage, and sellers may need to adjust their expectations. While the market is still strong, these subtle changes indicate that we could see the early signs of shifting toward more balance between buyers and sellers.
The least expensive sale was a three-bedroom, two-bathroom, 1,577 square-foot home located at 1975 Hilldale Dr. Originally listed for $1,449,000, it sold for $1,510,000 in forty-one days. The most expensive La Canada home was purchased by celebrity Mario Lopez. He purchased a six-bedroom, nine-bathroom, 9,282 square foot home located at 4235 Woodleigh Lane. It sold for $9,365,000 while originally listed for $9,980,000.
The average price per square foot ranged from $493.89 for a 4,252 square foot home in the Canyon. The highest price per square foot was a three-bedroom, three-bathroom 1,675 square foot home in the Sagebrush neighborhood.
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