While the number of homes sold hasn’t changed comparing September 2012 vs. September 2013 – the average price per square foot of La Canada home values are up 17%. Last year the average price per sq ft of standard sales was $435.05, days on the market was longer at 77, and the average selling price was more than $200,000 lower – $1,201,746. Last year’s absorption rate of 2.7 is similar to this year’s.
The other significant impact is the lack of distress sales (foreclosures and short sales). Last September, 25% of La Canada home sales were foreclosures or short sales. This year it’s just 5% of the market.
Related Post: La Canada Home of the Week
