Buyers might want to sit down for this: Homes flew off the market like the hottest of hotcakes in the first quarter of the year—causing prices to rise even higher than predicted in many parts of the nation. The median price of existing single-family homes hit $232,100 in the first quarter of the year, according to a recent quarterly report from the National Association of Realtors®. That’s up 6.9% from a year ago and is nearly double the 3.9% price growth realtor.com had forecasted for 2017. Read the rest here:
La Canada Real Estate May 2017
La Canada’s real estate market pulses with activity. Each month, I eagerly crunch the numbers. I stay on top of local values. First, let’s dive into last month’s sales. Only one home sold under $1,000,000. That property, at 1716 Foothill Blvd., sits behind the YMCA. This two-bedroom, one-bath charmer fetched $990,000. Affordable options are scarce. Next, six homes sold between $1,000,000 and $1,500,000. These mid-range properties reflect steady demand. For example, a three-bedroom home on Starlight Crest Drive closed for $1.35 million. However, first-time buyers face tough challenges. High prices push them out of our Foothill community. Many turn to condos or nearby cities like Glendale.
