La Crescenta Housing Market Update, July 2018: Last month, 36 La Crescenta homes closed escrow, down just 3 from last month’s 39. A three-bedroom, two-bathroom home on Washington Place sold for $606,000, and a four-bedroom, three-bathroom home on Steven St. sold for $1,500,525. Twenty-seven homes sold over the asking price, two at the asking price, and seven less than the asking price. Click here to learn more about event pricing and how it appeals to the herd mentality.
The absorption rate is just over 1%, up a bit from last month, which still indicates a very unbalanced market heavily favoring the seller. I believe the decrease in the median price is due to recent changes in the tax laws. The $10,000 maximum property tax deduction has impacted higher-end buyers. It is taking longer to sell luxury housing in La Crescenta.
Median Price vs. Average Price, which is the most telling? The median selling price is the better indicator of value. The median selling price last month was $889,950. Half of the homes sold for more and half sold for less.
