Each month at Harb & Co. we crunch the numbers, and here’s the La Canada Real Estate Update July 2020:
Last month, the least expensive La Canada sale was a two-bedroom, one-bath, 999-square-foot home on Alta Canada Rd., which sold for $850,000. The most expensive La Canada home sale was a four-bedroom, five-bath, 8,007 square-foot home located at 535 Meadow Grove St. which sold for $6,825,000.
Last month, thirteen of these homes were sold for over their asking price. Five at asking and ten under the asking price. Five La Canada home sellers dropped their asking prices before opening escrow and one La Canada listing increased their asking price.
The La Canada real estate market experienced a bit of a COVID lull in April. When examining year-over-year numbers, you will note that the number of sales is similar to last year.
“Home price appreciation continues at a solid pace reflecting fundamental strength in demand drivers and limited for-sale inventory,” said Frank Martell, president and CEO of CoreLogic. “As we move forward, we expect these price increases to moderate over the next twelve months. Given the economic outlook, housing remains a bright spot for the foreseeable future.”
-Frank Martell
President and CEO of CoreLogic
Every economic downturn in history has slowed down the demand of buyers in the U.S. to move, but this downturn is different — it has driven new buyer demand. Across the country, and for many different reasons, people are moving. Why? Just look at the trends across the market:
Mortgage rates reached an all-time low in July: 2. 98%., Mortgage applications are up significantly: +33% in the first week of July vs. a year ago.
Homebuilder sentiment is at 72: The last time we had a yearly average as high as 72 was in 1999. And lastly, after months of social distancing, people have never been more aware of the inadequacies of their home and neighborhoods, leading more people to want to move.
What foreigners bought. Chinese and Canadians remain the top foreign buyers of US property. Two-fifths of foreign buyers made all-cash offers. In addition, Colombia knocked the UK out of the Top 5.
