La Crescenta Housing Market October 2022

Let’s dive into the La Crescenta housing market for October 2022.

Just sixteen homes sold in October 2022. The average sales price per square foot, sales price, and median price all decreased. Last month, the least expensive home sold in La Crescenta was a two-bedroom, one-bathroom, 1,000-square-foot home located at 3647 Montrose Ave. This home was initially listed for $700,000 and sold in seven days for $693,000. The most expensive La Crescenta sale was a four-bedroom, three-bathroom, 2,111-square-foot home located at 3451 Brookhill St. This luxury home was listed for $1,478,000 and sold in four days for $1,600,000.

The absorption rate is the highest year to date but remains low, indicating a seller’s market. Note the average selling price and median price are both the lowest year to date.

Proper pricing at the onset remains critical. Ten La Crescenta homes sold over asking, one at the list price, and five less than asking. La Crescenta sellers can choose to negotiate up rather than down. It’s a proven strategy and continues to work even as the La Crescenta real estate market weakens. The Fed increased rates 3/4 percent this week which certainly doesn’t help home buyers or sellers.

My concern has always been how people with two and three-percent mortgages ever have the opportunity to move up to a larger home. How can they afford to move up to a larger home with a seven percent mortgage? Realistically the only way is to keep their existing home as a rental with a positive cash flow and save for a down payment.