Let’s take a dive into the La Canada Housing Market for May 2022:
Last month, May 2022, just twenty-eight homes sold, six less than the previous month. Average days on market were the lowest year to date. Last month, the least expensive sale was a three-bedroom, two-bathroom 1,329 square foot home. Located at 4420 Union Ave., originally listed at $1,349,000, it sold for $1,373,000. These sellers purchased this home in November 2021 for $942,000. They flipped the home. The most expensive sale was a five-bedroom, six-bathroom, 5,473-square-foot estate located at 5118 Hillard Ave. It sold at list price of $4,500,000.
The absorption rate is the lowest year to date.
Persistent inflation continues to drive interest rates higher, while consumers continue to contend with rising prices. More people are relying on savings and credit cards to maintain current levels of spending. This could result in a further economic pullback. At Harb and Co. we continue to receive multiple offers on our listings, however not as many as in previous months. Our La Canada listing at 4720 Orange Knoll received just four offers. Three were substantially over the asking price.
