Let’s crunch the numbers for the La Crescenta Housing Market March 2021:
Once again the La Crescenta (zip code 91214) housing market is on the rise. Last month twenty-one homes closed escrow. Seventeen of these La Crescenta home sales were over one million. Sixteen of these homes sold for over asking price and five below their asking price.
Last month two homes sold for $700,000 which was the lowest sales price. The first was a two bedroom, two bathroom, 792 square foot home located at 2846 Fairmount Ave. The other home was a three bedroom, two bathroom, 792 square foot home located at 2845 Los Olivos Ln.
Homebuyers are experiencing the most competitive housing market we’ve seen since the Great Recession. Rising interest rates and limited listing inventory are pushing already overheated home prices out of reach for many. Especially in more desirable neighborhoods such as La Crescenta. As affordability challenges continue, we may see more buyers become discouraged or simply priced out of the market. This could possibly put the brakes on continued price appreciation.
The most expensive home sold was a five bedroom, four bathroom, 2,557 square foot home located at 3250 Park Vista Dr. which sold for $1,800,000 which was $205,000 over asking. Note the price per square foot has increased each month. The average price per square foot and median selling price has also increased each month. The percentage of selling price to list has also increased each month.
The low absorption rate reflects the strength of the La Crescenta housing market for sellers.