La Canada Real Estate Values
La Canada Values April 2017
Most La Canada homes sell over the asking price. Buyers are competing fiercely, driving up final sales. This intense demand is keeping sellers firmly in control.
Interestingly, the average selling price is the lowest this year. But it’s not due to lack of interest. The main reason is simple: fewer high-end homes are hitting the market. As a result, the overall average skews lower. First-time buyers are leading this surge. They are stepping up, determined to secure a foothold in La Canada’s competitive market. Their strong presence boosts activity and pushes absorption rates to the highest level this year. Despite this surge, it remains a solid seller’s market.
La Canada Values April 2017 Recap:
Lawrence Yun, Chief Economist for the National Association of Realtors, puts it plainly: “Sellers are in the driver’s seat this spring as the intense competition for the few homes for sale is forcing many buyers to be aggressive in their offers.” He also warns of potential challenges ahead. “Buyers are showing resiliency given the challenging conditions. However, at some point—and the sooner, the better—price growth must ease to a healthier rate. Otherwise, sales could slow if affordability conditions worsen.”
The message is clear: demand is strong, but sustainability depends on price stability. For now, sellers continue to hold the advantage, while buyers navigate a market that shows no signs of cooling down.
