La Canada Housing April 2020

Let’s dissect La Canada Housing April 2020:

Last month, the least expensive La Canada home sale was a 3-bedroom, 2-bathroom, 1,708 sq ft home on Lasheart Dr., which sold for $1,270,000, and the highest priced home was a 6-bedroom, 10-bath, 8,733 sq ft luxury home at 523 Inverness Dr. selling for $4,830,000.

The 2% absorption rate confirms a robust seller’s market. In April 2019, La Crescenta recorded 17 home sales. Last month, just 11 homes closed. COVID-19 shakes the real estate landscape. Many homeowners postpone listing their homes. Fear of health risks deters sellers. Strict showing protocols add complexity. Low inventory sparks fierce buyer competition. Consequently, bidding wars drive prices upward. Demand surges past available supply in La Crescenta. Well-priced homes sell quickly. Buyers offer above asking to secure properties. Thus, sellers wield significant leverage. High demand sustains stable property values. Top-rated schools attract families. Scenic mountain views captivate buyers. Proximity to Los Angeles boosts appeal. Limited listings intensify market pressure. Sellers capitalize on this dynamic. Delaying listings may yield even higher returns. La Crescenta’s market thrives despite challenges.

As COVID-19 froze the country’s economy for most of March and all of April, it became increasingly difficult for borrowers to get a mortgage, even if they had the means to take one on. In fact, a new report shows that in April, the availability of mortgage credit fell to its lowest level since December 2014. That means it hasn’t been this hard to get a mortgage for more than five years.

Interested in learning more about La Canada housing? Ask Phyllis

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La Canada Housing April 2020

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