La Crescenta Housing Market Update, July 2018: Last month, 36 La Crescenta homes closed escrow, down just 3 from last month’s 39. A three-bedroom, two-bathroom home on Washington Place sold for $606,000, and a four-bedroom, three-bathroom home on Steven St. sold for $1,500,525. Twenty-seven homes sold over the asking price, two at the asking price, and seven less than the asking price. Click here to learn more about event pricing and how it appeals to the herd mentality.
In La Crescenta, the absorption rate edges just above 1%, a slight rise from last month. This shift still screams an unbalanced market, strongly tilting toward sellers. However, I suspect the median price dip stems from recent tax law changes. The $10,000 cap on property tax deductions now pinches higher-end buyers. As a result, luxury homes linger longer on the market, slowing sales.
Which metric speaks louder: median price or average price? The median selling price clearly wins as the truer measure of value. Last month, La Crescenta’s median selling price hit $889,950. Half the homes sold above this mark, and half fell below. Unlike averages, the median dodges distortion from outlier sales, offering a sharper lens on market trends.
Meanwhile, sellers still hold the upper hand in this competitive landscape. Buyers, drawn to La Crescenta’s scenic hills and top-tier schools, scramble for well-priced homes. Yet, luxury listings demand extra patience. Savvy sellers counter with aggressive pricing, vibrant marketing, and upgrades like smart home features to entice discerning buyers. As the market evolves, strategic moves unlock top profits. Now shines the moment to navigate La Crescenta’s real estate with bold, informed decisions!
