As one of the best real estate agents in La Canada, I dissect real estate statistics each month. Let’s crunch the numbers for the La Canada housing market for February 2023. Only four homes closed escrow last month, the lowest number I recall seeing in years. Just one La Canada home sold over the asking price. None of the sales had a price reduction prior to selling.
The lowest priced home sold last month was a four-bedroom, three-bathroom, 2,144 square foot home located at 4810 Viro Rd. It initially listed for $2,100,000 and sold for $1,970,000 in forty-one days. The most expensive home sold was a four-bedroom, three-bathroom, 3,501 square-foot home located at 411 Meadowview Dr. This luxury home was listed for $2,495,000 and sold in eighteen days for over the asking price. It sold for $3,010,000.
In analyzing the La Canada housing market for February 2023, I love to look at the price per square foot variance. On the low end was a 3,595-square-foot home on Fernside selling for $669.26 per square foot. On the high end, a 2,141 square foot home on Viro Rd. sold for $918.84 per square foot.
Takeaway: The absorption rate has skyrocketed – which favors home buyers.
Related Post: Houses are taking longer to sell
That’s such a big jump. It will be interesting to see if that absorption rate number has staying power