Each month Harb & Co. compile real estate statistics from the MLS. La Crescenta Housing Update October 2019: Last month nineteen La Crescenta homes (91214 zip) closed escrow. A one bedroom, one bathroom, 837 sq ft home on 4th Ave. sold for $553,000. On the luxury spectrum was a five bedroom, three bathroom, 2,344 square foot home at 2521 Harmony Place selling for $1,220,000- $21,000 over the asking price. Nine La Crescenta homes sold over $1,000,000.
Ten of these October sales sold for over asking price. Four of these La Crescenta listings had a price reduction prior to selling. Six homes sold for less than the original asking price and one at asking price. The graph below reflects the La Crescenta Housing Update October 2019
The absorption rate of 2.63% indicates that if there were no new listings, we would deplete housing inventory in just over two and one half months. The current La Crescenta housing market is extremely unbalanced and heavily favors home sellers.
“All 50 states posted positive home price trends in September with the average price nationally rising 3.5%,” said Frank Martell, president and CEO, CoreLogic. “As a group, more millennials are entering the home-buying market and they report spending more money than they anticipated. This may impact their future financial planning. Millennials age 30-38 put down less than 20% for a down payment over the past three years and used funds from their retirement accounts to cover an average of 7% of that down payment.” -Frank Martell, President and CEO of CoreLogic.
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