The number of La Canada home sales decreased in August 2014. Although the absorption rate indicates an extreme seller’s market, it increased from last month (it is still a strong seller’s market, just not as intense).
Investors are fueling this market. 19% of La Canada homes were sold to cash buyers, and there were no short sales or foreclosure sales. The average La Canada home sold/closed in 61 days. The average home continues to sell over asking price: 100.11% of the list. Now more than ever, listing must be priced just below market value. This will result in multiple offers and selling over the asking price. List too high and you will end up negotiating the price down. List right, negotiate up.
Last year, 27 La Canada homes sold at an average price per sq ft of $501.22 and sold much faster, just 39 days on market. Cash sales comprised just 11% of La Canada real estate sales. 7% of the sales were short sales.
