Are you curious about the La Canada Housing Market in October 2020? You have come to the right blog!
Last month, the least expensive La Canada sale was a three-bedroom, three-bath, 1,737-square-foot home at 5267 Gould Ave. It was initially listed for $949,000 and sold over, asking for $1,188,000. The most expensive home in La Canada was a seven-bedroom, twelve-bath, 12,113, square-foot home located at 4033 Chevy Chase Dr. It sold for $7,307,625.
Twenty-nine La Canada homes closed last month. Fourteen of these homes were sold for over the asking price, three at the asking price, and twelve under the list price.
La Canada’s median home selling price exceeds $2,000,000. Half of the homes sell above this mark, while half sell below. A low absorption rate, under 2%, drives a robust seller’s market. Buyers compete fiercely, often facing bidding wars. Sellers hold the advantage, securing quick sales and premium prices. Surprisingly, summer and fall see more sales than the traditional spring peak. The COVID-19 pandemic disrupted typical market patterns, shifting buyer behavior. Families now prioritize spacious homes and top-tier schools, boosting demand. La Canada’s tree-lined streets, large lots, and proximity to Los Angeles fuel its appeal. Yet, limited inventory persists. Many homeowners hesitate to list during winter holidays. Others delay until spring, expecting higher buyer turnout. This tight supply pushes prices higher. Meanwhile, economic uncertainty and remote work trends keep demand strong. Buyers act fast, knowing desirable properties vanish quickly. Sellers capitalize on this urgency, often receiving multiple offers. Despite seasonal shifts, La Canada’s market remains fiercely competitive.
