Another month, another La Canada real estate market update! Let’s take a look at La Canada stats April 2019:
Last month, there were twenty-eight La Canada home sales, hence the sharp drop in the absorption rate. La Canada listings are getting absorbed (closed).
The least expensive sale was $930,000 for a three-bedroom, two-bath, 1,558-square-foot home on 4614 Ocean View Blvd. The most expensive La Canada home sold was for $2,975,000 for a five-bedroom, five-bath, 4,388 square foot home on 1503 Alta Park Lane. Three La Canada sellers reduced their asking price (list price) before selling. Thirteen homes sold over their original list price. Three sold at the original asking price. Twelve homes sold for less than the asking price.
Each month Harb and Co. calculates both the median and average selling prices. The median price is where half the homes sold for more and half sold for less. The median is more indicative of market conditions than the average selling price. A relatively small share of upper-end transactions can easily skew the average selling price. Comparing the La Canada median selling price year over year reflects that entry-level buyers continue to fuel this 91011 real estate market.
The reduction in last year’s property tax deductions (capped at $1,000,000) and the mortgage interest write-off to $750,000 has undoubtedly changed the dynamics of the La Canada real estate sales.
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