Lets take a look at La Canada home stats for November 2018:
Last month there were twelve La Canada home sales, down from last month’s twenty-one closings. The median home price dropped from last month which reflects an incredible opportunity for the move up buyer.
The least expensive sale was $1,250,000 for a three bedroom, two bath, 1,687 square foot home on Paulette Place. The most expensive La Canada home sold for $7,327,000 for a five bedroom, seven bath, 7,327 square foot home on Chula Senda Lane. Three homes reduced their asking price (list price) prior to selling. Six homes sold for less than the asking price, and five La Canada home sales sold over asking price and one home sold for asking.
According to Frank Nothaft Chief Economist at CoreLogic “Rising prices and interest rates have reduced home buyer activity and led to a gradual slowing in appreciation. October’s mortgage rates were the highest in seven and a half years, eroding buyer affordability. Despite higher interest rates, many renters view a home purchase as a way to build wealth through home-equity growth, especially in areas where rents are rising quickly.”
Check out my two luxury La Canada listings, which will be open this weekend:
It will be interesting to see what happens to the stats after the holiday season