Let’s compare the La Canada real estate market from January 2024 to January 2023. Last month, only three homes sold, down from January last year’s eleven. The absorption rate is unusually high. It will be interesting to see how that changes in the coming months.
What keeps La Canada real estate so desirable? One reason is the desirability of the schools. Please read about it here: Niche Ranks LCUSD First in L.A. Area, Elementaries Make Top 10
Last month’s least expensive home sold in La Canada was a two-bedroom, one-bathroom, 981-square-foot home located at 4526 Rockland Pl. Initially listed for $895,000 and sold in seven days for $870,000. The most expensive home sold was a five-bedroom, six-bathroom, 5,218 square feet located at 4942 Commonwealth Ave. This luxury home sold for asking off-market for $5,000,000. Of the three sales, just the off-market listing sold at the asking price, and the other two La Canada sales sold for less than the asking price.
From Core Logic: Nationally, home prices increased by 5.5% year over year in December. No states saw home price declines. The states with the highest increases year over year were Rhode Island (13.3%), New Jersey (11.3%), and Connecticut (10.5%).
That’s a wrap on the La Canada Real Estate Market in January 2024.
