To remain a La Canada real estate expert, I must keep up to date on current market trends. Let’s examine the La Canada housing market for October 2022.
In October 2022, twelve homes were sold. The average sales price is the lowest year to date. While the average price per square-foot is nearly the highest year to date. This is a result of less expensive homes selling. Eight of the sales were under $2,000,0000.
The median selling price is also the lowest year to date. The absorption rate is the highest for the year.
Five homes sold over the asking price, one at the asking price, and six sold below asking. Last month, the least expensive home sold was a two-bedroom, one-bedroom, 996 square-foot home located at 4615 Grand Ave. Originally listed for $995,000, it sold in fourteen days for $1,000,000. The most expensive La Canada home sold was a four-bedroom, three-bathroom, 3,216-square-foot home located at 928 Descanso Dr. This luxury home was initially listed for $3,500,000. It sold in twenty-one days for $3,300,000.
The average price per square-foot varied. On the low end was a Starlight Mesa fixer selling for 743.93 per sq. foot. An 1,848 square-foot home on Carmel sold for $1190.48 per sq. ft.
According to Core Logic:
NAR’s survey found that for two-thirds of buyers, understanding the entire home-buying process was the most important benefit of engaging with a real estate agent. Sixty percent of buyers said their agent flagged potential property flaws. And about half pointed out that their agent helped them negotiate the sales price, which is particularly important in competitive markets with low inventory levels. Finding the right real estate agent is even more important for first-time home buyers, who currently account for more than one-third of shoppers.
Sellers similarly benefit from advice on current market conditions, how to properly price their homes, the number of offers to reasonably expect, and how long a sale might take. As buyer demand begins to wane due in part to rapidly rising mortgage rates, homeowners who need to sell quickly have even more incentive to know what’s in store given the quickly changing market.
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