Harb & Co. love crunching the La Canada housing numbers December 2020! This is how we learn about real estate trends. There is a lot that has gone wrong in 2020. Starting with COVID…… protests, record unemployment and many restaurants closing their doors for good. Life as we know it has changed. One would think it would be a buyer’s market, but it is not. Interest rates are at all-time lows. Lenders have once again tightened their guidelines. But even so buyers are competing when writing offers. Often, they are competing with cash buyers and buyers who are offering substantially above asking price.
If you think the market is high, you are correct. If you want to take your chances and wait it out, that’s your choice. But what if prices drop and interest rates increase?
Lets dissect the La Canada housing numbers December 2020:
Last month there were twenty La Canada home sales, very similar to December 2019 which was twenty.
The least expensive sale was $1,130,000 for a three bedroom, two bath, 1,351 square foot home at 4615 Rockland Place. The most expensive La Canada home sold for $7,400,000 for a six bedroom, nine bath, 9,064 square foot home at 920 Berkshire Ave. The median selling price of over $1.7 million reflects that one half the homes in La Canada sell for more and half for less. Seven of the twenty sales were over two million, four over three million. Additionally, nine out of the twenty La Canada homes sold over asking price. One sold at asking and ten for less than the asking price. Five La Canada sellers reduced their asking price (list price) prior to selling.
“The demographic tailwind has arrived as Generation X and millennials drive housing demand. Lower-priced home values increased about one and a half times faster than higher-priced home values, as first-time buyers tend to seek out homes within the lower price ranges.” Dr. Frank Nothaft, Chief Economist for CoreLogic
Meanwhile, we are preparing a La Canada fixer for sale. It’s a three bedroom, two bath pool home, sited on a 10,000+ square foot lot. There is also a 283 square foot pool house. The home has been measured at 1972 square feet. It’s a trust sale and should come on the market in the next several weeks.
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