Each month Harb & Co. love to crunch the MLS numbers: La Canada home sales November 2019:
The number of homes on the market (listing inventory) has dropped as it often does this time of year. The absorption rate was 2.06% which reflects an extremely strong sellers market. La Canada home sales were a little down from last month which is to be expected due to the holidays.
The least expensive sale was $1,085,000 for a three bedroom, one bath, 1,488 square foot home at 4933 Crown Ave. The most expensive La Canada home sold was for $3,500,000 for a five bedroom, six bath, 5,735 square foot home at 5160 Solliden Lane,. This home sold the first day it hit the market for $211,000 over the asking price. Eight of the twenty two homes sold last month in La Canada had price reductions (list price) prior to selling. Five homes sold over their original list price, two sold for the asking price.
“Ten years ago, during the depths of the Great Recession, more than 11 million homeowners had negative equity or 25% of mortgaged homes,” said Dr. Frank Nothaft, chief economist for CoreLogic. “After more than eight years of rising home prices and employment growth, underwater owners have been slashed to just 2 million, or less than 4% of mortgaged homes.” -Frank Nothaft, Chief Economist for CoreLogic
