Let’s dissect the La Canada Housing Market for June 2020.
With COVID and the stay at home orders during the last few months it’s been rocky for Los Angeles real estate in general. When COVID began there were a lot of renegotiations. Many La Canada sellers continue to wait to list their homes. Note the absorption rate for May and June year over year has decreased – there is a shortage of La Canada homes for sale. Higher priced homes are slower to sell as evidenced by the median selling price.
Last month, we closed escrow on 1633 Earlmont Avenue. This gated estate with guest house and pool sold for just $2,750,000. Although the home has mold and a lot of rodent droppings I think the buyer got a bargain. I believe that the uncertainty of COVID impacted the sale of this La Canada estate. Unfortunately, there was a reverse mortgage and the home had to be sold. Generally the heirs are only given six months after passing to pay the loan off. Of course with COVID exceptions can be made but they are not guaranteed.
To learn more about the La Canada Housing Market, give us a call or keep reading our real estate blog
