La Crescenta Housing Market Update for June 2018: Last month 39 La Crescenta homes closed escrow, up from last month’s 27. A two-bedroom, one bathroom home on Montrose sold for $595,000 and an architecturally significant 3-bedroom, 3-bathroom home on Markridge Rd. sold for $4,250,000. Twenty-three homes sold over asking price. Click here to learn more about event pricing and how it appeals to the herd mentality.
The absorption rate of under 1% 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 $840,000. Half of the homes sold for more and half sold for less. The median selling price is not influenced by an abnormally high or low selling price such as the $4,250,000 sale on Markridge.
