In La Crescenta it’s an extremely strong home seller’s market. The absorption rate is less than 2%, even lower than this time last year. The average La Crescenta home is selling for more than last year (median price and average price).
According to Realtor.com’s Chief Economist Jonathan P. Smoke, “It’s been seven years since the housing bubble burst and foreclosures skyrocketed, but in 2015 we’ll see the end of that era. Already this year has seen a major improvement in the composition of sales—that is, there are fewer foreclosures and short sales in the mix. We are on pace for foreclosure inventories to end 2014 down more than 30%, and next year should see a slightly greater decrease as foreclosures fall to normal levels. But while these trends will be apparent nationwide, housing is still a local issue. The situation differs in every market, even every neighborhood, each has its own unique, long-term trends in home values, which reflects local demand and supply conditions.”
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