As a La Crescenta real estate expert, each month I crunch the real estate numbers. Let’s take a look at La Crescenta’s housing market for October 2021:
Last month thirty homes sold, twenty one over asking price, two for asking and seven less than asking price. Seven of these homes had price reductions before eventually selling.
The least expensive home sold was a one bedroom, one bathroom, 940 square foot located at 2815 Los Olivos Lane for $805,000.
The most expensive home sold was a six bedroom, three bathroom, 2,910 square foot located at 2360 Shields St. for $2,000,000 which sold in ten days $205,000 over the original asking price.
The absorption rate is the lowest it has been all year. This signals a tighter market with fewer homes available compared to buyer demand. Meanwhile, price per square foot showed considerable variation. On the lower end, it was $464.86 for a four-bedroom, two-bath home spanning 1,807 square feet. This property sits on a 6,323-square-foot lot, offering plenty of space at a more affordable rate.
In contrast, the high end reached $933.08 per square foot. This was for a three-bedroom, two-bath home with 1,554 square feet of living space on an 8,852-square-foot lot. Clearly, location, condition, and lot size all play a significant role in pricing. Therefore, this variation proves once again that price per square foot is not the most reliable way to determine your home’s value. Instead, comparing your home to similar properties in terms of size, condition, and location is far more accurate. Only then does taking the average price per square foot become a meaningful indicator.
