La Crescenta Housing Market Update November 2018: Last month twenty-one La Crescenta homes closed escrow. A three bedroom, two bathroom, 1,200 sq ft home on Boston Ave. sold for $710,000 and a five bedroom, four bathroom, 3,318 sq ft home on Fairmount Ave. sold for $1,350,000.
Four La Crescenta homes had price reductions prior to selling. Nine of these homes sold for over the asking price. Click here to learn more about event pricing and how it appeals to the herd mentality.
The low absorption rate although the second highest from the year continues to reflect a strong seller’s market in La Crescenta. The market is very competitive especially for homes priced under $1,000,0000. Median Price vs. Average Price, which is the most telling? The median selling price is the better indicator of value. The median selling price in La Crescenta last month was $875,000. 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.
From Core Logic: “Homeownership remains an important part of the American dream. Our research found that being a homeowner makes consumers feel safe in their homes. Renters really want something to call their own. However, until affordability comes back into balance, renters will have a hard time purchasing a home.”
Interested in knowing more about La Crescenta real estate? Give me a call @ 818 790-7325. Click here to keep apprised of real estate values in your neighborhood.
