Let’s examine the La Canada real estate market for September 2023. The number of homes sold last month decreased to twelve; however, the average and median sales prices increased. The least expensive home sold in La Canada was a three-bedroom, two-bathroom, 1,662-square-foot home located at 1016 Salisbury Court, initially listed for $1,250,000. Even though it backed the freeway, it sold in twenty-three days for $1,300,000. The most expensive home sold last month was a five-bedroom, five-bathroom, 4,230-square-foot home located at 1935 Lyans Drive. Initially listed for $3,895,000, it sold in just three days for $4,270,000.
Although interest rates keep increasing, the absorption rate remains low, indicating a strong seller’s market. Seven of the sales were over the asking price. Two sold at asking and just three for less. The seven sales selling for over asking sold from 3 – 27 days. This proves that buyers determine the value and that, in most instances, pricing too high is a costly mistake. The three sales that sold for less than the asking price were on the market for 39 – 270 days.
When examining the La Canada real estate market for September 2023, it’s always interesting to note the range of price per square foot. On the low end was a home in La Canada’s Sagebrush neighborhood selling for $763 per foot. On the high side was a 1776 square foot home on Alveo selling for $1,014 per foot
I agree about pricing the home right. I have friends looking but they are immediately skeptical of ant home that’s been in the market too long. Doesn’t even want to go see it because there “must be something wrong with it”.