La Canada Real Estate Market 2015 vs 2014: Before examining La Canada’s February real estate market stats, let’s discuss the median selling price. Median means “in the middle,” and the median price is the midway point. The median selling price means half of the homes sold above the median and the other half below it.
La Canada Real Estate Market 2015 vs 2014 Recap:
Is it a Seller’s market? The market type shows how fast homes sell, how many are for sale, and how close sale prices are to asking prices. In hot markets, homes often sell within days and above asking price. In contrast, slower markets see longer listing times and more negotiations. A top Realtor can explain these trends in your area and help you understand how they impact your goals.
It’s a tough market for La Canada home buyers. The average price per square foot and median selling price have dramatically risen yearly. Days on the market have decreased; the average La Canada home sells for 105% of the asking price. The absorption rate of about three months remains about the same. It indicates that if there were no new listings, inventory would be depleted in approximately three months.
According to Jonathan Smoke, chief economist for Realtor.com. “Demand is growing, but supply is tightening. The real estate market won’t see growth unless inventory grows.”
