La Canada Housing Update February 2018: Are We Seeing Signs of Softening?
Last month, just seven homes closed escrow in La Canada. This marked a noticeable slowdown compared to previous months, raising questions about a potential market shift. Despite the low number of transactions, the selling price range remained diverse, reflecting strong demand in different price brackets.
A charming one-bedroom, one-bath home on Crown Avenue was the least expensive sale. It sold for $805,000, offering buyers a rare opportunity to enter the prestigious La Canada market at a more accessible price point. On the other end of the spectrum, the highest sale reached $2,779,000. This impressive 5,300+ square-foot estate on Via Serrano commanded attention for its luxury features and prime location. Interestingly, it sold right at the asking price, suggesting accurate pricing from the start.
When examining the final sale prices, some interesting trends emerged—one property sold for less than its list price, a rare occurrence in this competitive market. Meanwhile, five homes sold above the asking price, indicating strong buyer interest. Among them, a standout transaction took place on Lynnhaven. This home sold for an astonishing $260,000 over its list price, highlighting the ongoing demand for well-located, well-priced properties.
But with only seven sales recorded last month, the question remains: Is the market suddenly softening? The drop in closed transactions suggests a possible cooling. Although the over-asking sales reveal that competition remains strong for desirable properties. As we move into the next quarter, it will be crucial to watch inventory levels, days on market, and pricing strategies to understand the direction of La Canada’s real estate market.
For now, sellers still hold the advantage, but buyers may sense new opportunities as inventory shifts.
The housing market may not be as robust this spring as some originally predicted, and real estate professionals are pointing to the main culprits as rising mortgage rates, a new tax law, and growing affordability problems among first-time buyers. The spring market will be the true judge of whether the housing market has hit a slowdown. About 40 percent of the year’s sales tend to occur from March through June, according to the National Association of REALTORS®.
Call Phyllis to learn more about La Canada home values.
