Crunching numbers is something we do every month for the La Crescenta real estate market, so let’s dive into August 2023. Last month, twenty-two homes sold; nineteen sold over the asking price and three just under their asking price. The least expensive home sold in La Crescenta was a three-bedroom, two-bathroom, 1,088-square-foot home located at 2848 Hermosa Ave. This home was originally listed for $875,000 and sold in twenty-four days for $985,000. The most expensive home sold was a four-bedroom, three-bathroom, 3,366 square foot home located at 2318 Teasley St. Initially listed for $2,400,000 and selling in three days for $2,600,000. The average La Crescenta sale in August 2023 sold for nearly eleven percent over asking.
Median Price:
- The median price is the middle price point when all the property prices in a given area are arranged in ascending or descending order.
- It is a useful metric for understanding the “typical” price of homes in a particular area. It’s less affected by extremely high or low-priced properties.
- The median price is often used when describing the affordability of homes in a neighborhood because it represents the price at which half of the properties are more expensive and half are less expensive.
Average Price:
- The average price is calculated by summing up all the property prices and dividing by the number of properties.
- a few very high-end luxury properties or distressed sales might influence the average price, which can skew the average upwards or downwards.
Once again, the average price per foot in La Crescenta varied greatly. On the low end was a 3,608-square-foot home on Timberlake Dr. selling for $554 per foot. On the high side was a 936-square-foot home on Los Olivos selling for $1,175 per foot.
The low absorption rate reflects what a difficult market it is for La Crescenta home buyers. Last month we closed on our Pinecrest listing. It sold $250,000 over the asking price and with just three days of showings.
Brutal market for first time buyers