La Canada Real Estate Values June 2015: The increased number of home sales impacts La Canada real estate values. The absorption rate reflects supply and demand. Last month’s absorption rate was the lowest for the year. The absorption rate indicates that the inventory would be depleted in just one and a half months if there were no new listings. The average home sells in just over one month. In a seller’s market, fewer homes are available than buyers looking to purchase a home, creating a competitive environment where bidding wars and quick sales can be common. While sellers can often secure higher prices and more favorable contract terms, preparing the home properly and setting a strategic asking price at the outset are still key to attracting multiple offers and overbids.
La Canada Real Estate Values June 2015 Recap:
The median price reflects fewer luxury home sales. One half of the La Canada home sales sold for less than $1,488,500, and the other half for less. The average La Canada home continues to sell over the asking price. Smart Realtors encourage their sellers to list slightly below market value, to capitalize on the lack of listing inventory. Supply simply is not meeting demand.
