Each month Harb & Co. crunch the numbers here’s the La Canada Housing Update November 2020:
Last month, the least expensive La Canada home sale was a three-bedroom, two-bath, 1,214 square-foot home on 1959 Hillside Dr., which sold for $900,000. This was $50,000 less than asking price. The most expensive home sold in La Canada was a six-bedroom, nine-bath, 8,275, square foot home located at 3990 Chevy Chase Dr. This luxury home sold for $5,500,000.
Thirty La Canada homes closed last month. Two sales were under $1,000,000. Seven sales were over $3,000,000.
Fourteen of these La Canada homes sold less than the asking price, three at asking and thirteen for more than the asking price.
The absorption rate in La Canada, just over one month, signals a highly competitive, seller-driven market. This low rate reflects strong demand and limited supply. Consequently, buyers face bidding wars and escalated offers. Seasonally, this trend is typical. Many sellers delist homes during the holidays. Others wait until the New Year or spring to list. As a result, inventory shrinks, intensifying competition. Meanwhile, spring often brings more listings, slightly easing buyer pressure. However, La Canada’s appeal—affluent, family-friendly, with top schools—keeps the market tight year-round.
It sure seems like it has been a sellers market for a very long time in ou area. Encouraging for sellers, frustrating for buyers