La Crescenta Housing Market August 2020

Let’s take a look at the La Crescenta housing market August 2020:

Last month, the least expensive home sold was a two-bedroom, two-bathroom, 1,336-square-foot home. Located at 3507 Montrose Ave., it sold for $680,000. The most expensive home was a five-bedroom, four-bathroom, 4,510 square-foot home. Located at 5301 Quail Canyon Rd., it sold for $1,727,000.

What is significant when looking at June 2020 versus 2019 is the notable drop in the absorption rate from 2020 versus 2019. Supply is not meeting demand.

Sixteen sold over the asking price for last month’s twenty-five home sales. Six homes sold less than asking, and three at the asking price. The increase in days on the market (DOM) is likely because lenders are backed up with refinances, causing delays in processing purchase loans. If you want more detailed information about the La Crescenta housing market, please give me a call @ 818 790-7325.

We have a four-bedroom, two-bath pool home coming on the market before Halloween – stay tuned! 

There are distinct real estate markets: “Lower-priced homes are sought after and have had faster annual price growth than luxury homes. First-time buyers and investors are actively seeking lower-priced homes, and that segment of the housing market is in particularly short supply.”