Let’s dissect the La Crescenta housing market for April 2020:
In April 2020, the least expensive La Crescenta sale was a one-bedroom, one-bath home. This 600-square-foot home is on 3rd Ave. and sold for $453,000. The most expensive La Crescenta home sale was a four-bedroom, four-bath 2,292 square foot home located at 235 Timberlake Dr. for $1,370,000. The current 2% absorption rate continues to indicate a solid seller’s market. In April 2019, there were 17 La Crescenta home sales, while last month, just 11. Yes, COVID has impacted real estate. Many homeowners are waiting to put their homes on the market.
Where do we see La Crescenta housing prices headed?
“The CoreLogic U.S. Home Price Index is predicted to remain largely unchanged over the next year. Although the economic fallout from lockdown orders, put in place to fight the spread of COVID-19, will be profound, the basic supports for a rebound in home purchase activity remain in place. Once the shelter-in-place policies are lifted, we expect millennials, who submitted home-purchase applications well into the crisis, to lead the way back to a positive, purchase-driven housing cycle.”
