La Crescenta Home Market January 2019: Selling prices ranged from $600,000 for a two-bedroom, one-bath, 1,304 sq ft home on Stevens St. to $1,100,000 for a three-bedroom, four-bath, 1,992 sq ft estate on Park Vista Dr. Last month thirteen La Crescenta homes closed escrow.
The average price per square foot was $495.20, and the average days on the market were 47. The average La Crescenta selling price was $802,731. The selling price to list price (average) was 96.51%, and the absorption rate was 1.85%, which reflects a solid seller’s market. The median selling price was $776,000. Let’s compare to last year’s La Crescenta real estate stats:
Five of the La Crescenta homes sold for over asking price, one at asking price and seven sold for less. Five of these La Crescenta homes had a price reduction prior to selling.
Buying a home will be an even more expensive undertaking in 2019 as mortgage rates and home prices increase. Buyers who are able to stay in the market will find less competition as more buyers are priced out. But feel an increased sense of urgency to close before it gets even more expensive. Their largest struggle next year will be reconciling wants, needs and budget versus the heavy competition of 2018. Although the number of homes for sale is increasing, which is an improvement for buyers, the majority of new inventory is focused in the mid- to higher-end price tier, not entry-level. Rising mortgage rates and prices will keep a lot of new inventory out of their budget and make it especially tough for first time home buyers who have historically been a much larger share of home purchase activity. Read more here
