Let’s crunch the numbers for the La Canada housing market February 2021. Last month eighteen homes closed escrow. Five homes sold over their asking price, five homes at asking and eight less than asking price. Only one home had a price reduction prior to selling.
In February 2021, there were no La Canada home sales under $1,000,000. There were just four La Canada home sales under $1,500,000. It is an extremely difficult market for first time home buyers in La Canada and that has driven prices up in neighboring La Crescenta. Five homes sold over $2,000,000. The least expensive home sold last month was a four bedroom, two bathroom, 1,700 square foot home at 1967 Hilldale Dr. which sold for $1,070,000. The most expensive home sold was a six bedroom, seven bathroom, 5,409 square foot home located at 551 Georgian Rd. which sold for the asking price of $5,295,000.
Price per square foot ranged from $541 to $979. Price per square foot can be very misleading as it does not take into account, lot size, condition, or location.
La Canada homes continue to sell quickly, and when priced competitively, sell in multiple offers. Pricing your home is more art than science. A popular real estate pricing strategy is to slightly underprice a home in order to obtain multiple offers which results in a bidding war. Pricing a home just below market value typically results in the home selling at a higher price than if originally priced at market value. In today’s housing market, buyers are more confident about their purchase when someone else desires the same home. Pricing a property on the lower end of the value spectrum stimulates interest among buyers and creates a herd mentality. Herd mentality describes how people are influenced by their peers to adopt certain behaviors, follow trends, and/or purchase items. Contact Phyllis to learn more about pricing your La Canada home to sell for the highest possible price.
