As a La Canada real estate expert, I analyze the housing statistics each month. Let’s dive into the La Canada Housing Stats for November 2022.
Just eight homes sold last month. The average days on the market increased significantly to fifty-two. Three homes sold over the asking and five just under the asking price. Two homes had price reductions before eventually selling. The least expensive home sold was a three-bedroom, two-bathroom, 1,768-square-foot home located at 331 Nancy Way and initially listed for $1,475,000; it sold in nine days for $1,500,000. The most expensive home sold was a five-bedroom, nine-bathroom, 13,295-square-foot estate located at 607 Foxwood Road and initially listed for $8,995,000. After more than two hundred days, it sold for $6,250,000.
As usual price per square foot widely varied. On the low end was 607 Foxwood selling for $470 per square foot. A two-bedroom bath home on Lombardy sold for $1,094.73 per square foot.
The absorption rate remained under 1% through May 2022. This indicated there was less than a one-month supply of La Canada listings. Last month we were near a four months supply. The La Canada housing market has shifted to a much more balanced market. Price reductions are common, as well as inspection credits.
Related Post: La Crescenta Housing Market November 2022
