Let’s crunch the La Crescenta housing market for September 2022. Just seventeen homes sold last month. Nine of the seventeen homes sold over the asking price, two at asking, and six below the asking price. The least expensive home sold was a two bedroom, two bathroom, 956 sq. ft. home located at 3702 Fourth Ave. This home was initially listed for $799,000 and sold for $810,500. The most expensive home sold was a five-bedroom, five-bathroom, 3,400 sq. ft. home located at 5227 Maryland Ave. This luxury home was initially listed for $2,650,000 and sold for $2,525,000 in just forty days.
Recent interest rate hikes have priced many potential La Crescenta home buyers out of the market. Although the absorption rate is the highest year to date it continues to reflect that it continues to be a seller’s market. While most homes are still selling over the asking price, we are noticing price reductions. As a La Crescenta real estate expert I advise my clients that it is best to negotiate up and not down. Note that La Crescenta Housing Market September 2022 the selling price to the list price is the lowest year to date.
Days on the market (DOM) is the highest year to date.
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It is definitely still a difficult market to navigate for first time buyers especially. Easy for them to get discouraged