Let’s look at the La Canada housing market in August 2022, which is holding its own. Days on the market drastically dropped from July. There aren’t many new listings on the La Canada real estate scene. Hence, the absorption rate remains low, indicating it continues to be a seller’s market. The average La Canada home is once again selling over the asking price, just not as much. Twelve of the sales were over the asking price, three at asking, and six below.
The least expensive La Canada home sale was a two-bedroom, two-bathroom, 1,272 square foot home located at 5326 Palm Dr. Originally listed for $1,450,000, it sold for $1,440,000. The most expensive sale was a six-bedroom, nine-bathroom, 10,544 square foot home located at 502 Georgian Rd. This luxury home was initially listed for $10,995,000 and sold in sixty-three days for $10,000,000.
Last month we sold our listing at 4451 Hobbs Drive, just $50,000 over asking at $1,037.12 per foot. Price per square foot ranged from $1,288.82 for our 1610 square foot listing located at 4720 Orange Knoll to 5315 La Forest Drive, a 6,020 square foot home selling for $581.40 a foot. Proving once again that price per square foot when comparing apples to oranges is meaningless.
in looking at the La Canada housing market August 2022, remember that most of the August closings entered escrow in June and July when the market was a bit stronger for home sellers.
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