La Crescenta Housing Market Update for June 2018: Last month 39 La Crescenta homes closed escrow, up from last month’s 27. A two-bedroom, one bathroom home on Montrose sold for $595,000 and an architecturally significant 3-bedroom, 3-bathroom home on Markridge Rd. sold for $4,250,000. Twenty-three homes sold over asking price. Click here to learn more about event pricing and how it appeals to the herd mentality.
In La Crescenta, a strikingly low absorption rate, dipping below 1%, screams a wildly unbalanced market. Sellers hold a commanding edge, reaping the rewards. However, I pinpoint the recent median price drop to shifts in tax laws. The $10,000 cap on property tax deductions stings high-end buyers. Consequently, luxury homes now linger longer on the market, testing seller patience.
Which metric shines brighter: median price or average price? The median selling price decisively takes the crown as the truer gauge of value. Last month, La Crescenta’s median selling price stood firm at $840,000. Half the homes sold above this line, and half fell below. Unlike the average, the median stays unshaken by extreme sales, like the jaw-dropping $4,250,000 Markridge estate.
Buyers, lured by La Crescenta’s scenic vistas and top-tier schools, face fierce competition for mid-range homes. Yet, luxury listings demand extra finesse. Sellers counter with bold strategies—think sleek virtual tours, professional staging, and pinpoint pricing—to spark interest. Meanwhile, the tight inventory fuels urgency, pushing buyers to act swiftly. As tax changes reshape the high-end market, savvy sellers adapt, leveraging the seller’s market to maximize gains. Now pulses the moment to navigate La Crescenta’s real estate with sharp, confident moves!
