It’s the same story; buyers are clamoring for listing inventory. Anyone with a home with an incurable defect should consider selling now. Los Angeles home buyers are desperate. Let’s take a look at the La Canada Housing Market in June 2021:
The La Canada housing market is thriving in June 2021. First, the price per square foot reaches its highest point this year. Next, the absorption rate drops to its lowest level. Similarly, days on the market hit a yearly low. As a result, homes sell incredibly fast. Moreover, the average La Canada home fetches more than its asking price. Specifically, only six homes sold below asking last month. Meanwhile, another six matched their asking price. Impressively, twenty-four La Canada homes sold above asking. For example, 3900 Chevy Chase Drive listed at $1,795,000. It sold for $2,255,000. That’s a staggering $460,000 over the list price! Consequently, intense buyer demand drives fierce competition. Therefore, sellers enjoy strong returns.
In summary, La Canada’s market strongly favors sellers. What’s a La Canada buyer to do? Waiving appraisal contingencies is now the norm. Our listing at 2204 Fairhurst Avenue in La Canada has had non-stop showings and multiple offers. We are working on another La Canada fixer – details to follow.
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