La Crescenta Housing Market Update March 2018: Last month, twenty eight homes closed escrow in La Crescenta. This surge in sales highlighted strong demand in the area. Buyers eagerly competed for limited inventory, pushing up final sale prices. More than half of these homes sold for over the asking price. Sellers clearly benefited from the competitive market. Multiple offers became common, driving up bids and accelerating closing times.
One standout sale took place on Franklin. A charming three-bedroom, two-bathroom home sold for $127,000 over its list price. This impressive overbid reflected intense buyer interest and the property’s desirable features. These trends showcase La Crescenta’s robust real estate market. Demand continues to outpace supply, creating opportunities for sellers to achieve top dollar. Buyers, meanwhile, face fierce competition and must act quickly to secure their ideal home.
Click here to learn more about event pricing and how it appeals to the herd mentality.
It’s a highly competitive market for La Crescenta home buyers. The less than 1% absorption rate indicates an unbalanced market favoring the seller. Median Price vs. Average Price: Which is the most telling? The median selling price is the better indicator of value. Last month, the median selling price was $832,500. Half of the homes sold for more, and half sold for less. An abnormally high or low selling price does not influence the median selling price.
I have been crunching La Crescenta housing numbers for ten years:
La Crescenta Housing Market Update March 2018 Recap:
La Crescenta home buyers have faced one of the most competitive markets in recent years. Demand for properties continues to soar, while inventory remains critically low. As a result, buyers find themselves in bidding wars, often competing with multiple offers. This intense competition drives up prices and shortens market time for available homes.
The absorption rate tells the full story. In La Crescenta, the rate sits at less than 1%. This figure indicates an extremely unbalanced market that heavily favors sellers. Essentially, if no new listings were to appear, the entire inventory would sell out in just a matter of days.
This tight market gives sellers the upper hand. They can set competitive asking prices and often receive offers above that mark. For buyers, it means swift action is crucial. Delaying even a day can result in losing out on a property.
The La Crescenta real estate landscape reflects high demand, scarce inventory, and strong seller advantages. Buyers must be prepared, decisive, and ready to act fast to secure a home in this thriving market.
