La Canada real estate market update August 2017:
Last month, twenty-six La Canada homes sold, two of which had price reductions before selling. Interestingly, two of these homes had price reductions before selling. Regarding price range, La Canada home sales spanned from $907,000 to $10,500,000. Half of the properties sold for over $1,650,000, while the other half sold for less, marking the median price. The absorption rate of less than two months of listing inventory reflects a very strong seller’s market.
La Canada real estate market update August 2017 Recap:
Surprisingly, one home even saw a price increase before it sold. There are a few possible explanations for this:
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First, the real estate agent may have entered the wrong price. The initial listing price might reflect a simple mistake. Perhaps the agent added an extra zero and then corrected the list price, deleting the additional zero.
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Another possibility is that the seller changed their mind. Perhaps, after considering market conditions, they felt the home was worth more and asked their real estate agent to increase the price.
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Finally, once the property hit the multiple listing service, the Realtor may have realized that the list price was too low and adjusted it accordingly. In this instance, the volume of inquiries was overwhelming, and the listing agent could not keep up with the high level of interest from buyers and Realtors.
For example, this particular home was initially listed at $1,495,000. Later, the price was raised to $1,733,000. Ultimately, it sold for $1,650,000—a testament to La Canada’s competitive market.
