As one of La Canada’s top real estate agents, I strive to keep informed about current market conditions. Let’s dissect La Canada Real Estate for April 2025. Last month, eleven homes closed escrow. Nine homes sold above the asking price, and two sold below the asking price. A new real estate trend: price reductions. Three La Canada homes had price reductions before selling. Although nine sales were over asking price, just two houses sold in thirteen days or less.
A four-bedroom, four-bathroom home at 1502 Alta Park Lane sold for $757.65 per square foot. Meanwhile, a three-bedroom, three-bathroom home at 225 Berkshire Ave. sold for a remarkable $1,804.33 per square foot.
The least expensive home sold in La Canada was a three-bedroom, two-bathroom home located at 4617 Palm Dr. It was initially listed for $1,750,000 and sold over asking at $1,925,000, taking sixty days to sell. The most expensive home sold was a seven-bedroom, seven-bathroom home at 305 Oriole Road. It was initially listed for $6,770,000 and sold in sixty-three days for $6,400,000.
When the absorption rate is less than five months, it indicates a seller’s market. Demand exceeds supply, giving sellers the upper hand. Homes tend to sell quickly, often with multiple offers, and at or above asking price. A balanced market occurs when the absorption rate is between five and six months, meaning supply and demand are roughly equal. Neither buyers nor sellers have a strong advantage, and negotiations are typically more even. A buyer’s market exists when the absorption rate is over six months. In this case, there is an oversupply of homes relative to demand. Buyers have more choices, more negotiating power, and sellers may need to reduce prices or offer incentives.
I have family in Ventura county and they are seeing price reductions too.