Let’s dive into the housing market for La Crescenta in August 2021:
Thirty-three La Crescenta homes closed escrow. Twenty-nine sold over their asking price. Three at asking and just one under their asking price. Only two of these properties had to reduce their price before eventually selling.
The least expensive home sold was a two-bedroom, one-bathroom, 1,002 sq ft home located at 3751 Montrose Ave., which initially listed for $695,000 and sold for over asking at $725,000.
The most expensive home sold was a five-bedroom, four-bathroom, 3,248 sq ft home located at 5052 Humphrey Way, which sold for $2,065,000, which was $270,000 over the asking price.
In short, it’s a fast and furious real estate environment. The average days on the market at just twenty days.
“With mortgage rates remaining near record lows, the ongoing challenges of persistent demand and constricted supply continue to put upward pressure on home prices. A recent CoreLogic survey of consumers looking to buy homes shows that, on average, 65.8% of respondents across all age cohorts strongly prefer standalone properties compared to other property types. Given the widespread demand and the number of standalone homes built during the past decade, the single-family market is estimated to be undersupplied by 4.35 million units by 2022.”
Related Post: La Canada housing market for July 2021
