Let’s dissect the La Crescenta Housing Market September 2020.
Last month the least expensive home sold was a two-bedroom, two-bathroom, 848 square-foot home located at 3706 2nd Ave., which sold for $659,000. The most expensive home was a five- bedroom, four-bathroom, 3,240 square-foot home located at 2505 Fairmount Ave. which sold for $1,649,000. Thirty-four homes sold last month. Twenty-five sold over the asking price, four at the asking price, and five for less than asking. Six of the thirty-four La Crescenta homes had price reductions before selling.
The absorption rate is the lowest of the year. It indicates that if there were no new La Crescenta listings, we would run out of inventory in less than two weeks. Our listing on El Caminito had a lot of interest, multiple offers and is now in escrow. It’s all about supply and demand and currently demand is not keeping up with supply. Buyers who have not been as financially impacted by the ongoing economic crisis are taking advantage of low interest rates to either break into the market, move to larger homes or purchase second homes and investment properties.
We will be listing a three bedroom, two bath townhome in Montrose in the next couple of weeks. Call us for details.
I thought the inventory of homes was Already low lately. But a two week supply? Crazy!