Let’s look at the La Canada housing market for March 2021. Five hundred twenty-three licensed real estate agents work in La Canada. Just twenty-five homes closed in March 2021.
Fourteen of these La Canada homes sold for over the asking price. Two are at the asking price, and nine are less than the asking price. Three of these homes had price reductions before selling—nineteen of the twenty-five homes sold for more than two million dollars.
Just one home sold under $1,500,000. The least expensive La Canada sale was a three-bedroom, two-bathroom, 1,650-square-foot home located at 5146 Angeles Crest Highway. It sold for $1,205,000, $55,200 over the asking price. The most expensive sale was a four-bedroom, five-bathroom, 6,342-square-foot estate located at 4319 Oakwood Avenue. This home sold for $4,270,000.
It continues to be an extremely strong seller’s market. The absorption rate is the lowest for 2021. The average price per square foot, selling price and median price are the highest year to date.
I am speechless that the absorption rate continues to drop. I keep thinking the buyers market can’t get any harder then it does!