La Canada Real Estate Market April 2024

Let’s dive into the La Canada real estate market for April 2024.  I found two notable items: the price per square skyrocketed, and the days on the market plummeted to just seventeen. A four-bedroom and three-bathroom home at 5129 La Canada Blvd sold for $831.23 per foot.  A two-bedroom, two-bathroom at 4306 Oakwood Ave sold for $1,709.77 per foot.

The least expensive home sold in La Canada was the three-bedroom, one-bathroom, 1,301-square-foot home at 4804 La Canada Blvd. The listing was priced at $1,399,990 and sold for $1,460,000 in fourteen days. The most expensive home sold was a six-bedroom, eight-bathroom, 6,310-square-foot home located at 4324 Chevy Chase Dr.  Initially listed at $5,995,000 and eventually selling for $5,400,000.

Fifteen of the eighteen La Canada home sales sold for over the asking price. The number of days on the market ranged from seven to fifty. While still very low, the absorption rate is the highest year to date. Rising interest rates are impacting the Los Angeles real estate market.

From Core Logic: The year-over-year average down payment size rise was largest for low-tier homes. The average United States down payment reached an all-time high last fall. The average down payment amount dropped during the housing crisis of the Great Recession (2008-2009), but it has since steadily increased. However, since the onset of the pandemic in early 2020, the average down payment surged, reaching a record high in October 2023.

Home prices play a significant part in down payment sizes, and with the substantial appreciation of the last few years, average down payments have followed suit. Homebuyers’ average down payments were up by 8% year over year in December 2023, according to CoreLogic Public Record data. The average down payment for a U.S. home was 16% in December 2023, equaling an average amount of about $84,000.