You should feel very smug about homes values in La Canada Ca Real Estate. In almost every analysis I run, La Canada outperforms Glendale, La Crescenta, Montrose, Pasadena… well, just about everyone. The homes in La Canada fell less, and are recovering faster. Whereas Glendale, as an example, is trending at about 2004 price levels (Median price, single family homes) La Canada is about a year beyond that, comparing closely with the beginning of 2006.
If you’ve owned for more than 10 years…
Then you are really in the catbird’s seat! Comparing fourth quarters of 2002 to 2012, median price in La Canada has risen a mind boggling 76%.
Gee that’s nice but…
I know. You want to know how we did in 2012 and where we are likely to go.
First tired old song- inventory. I feel like I’ve talked about nothing else ever since we shed 35% of our inventory in the 4th quarter of 2011. Inventory rose during our “get in by school registration” rush, but we did not replenish our inventory over the summer. Fears of the impending election, inflation and rising interest rates kept sales strong in 3rd and 4th quarters but those very same fears kept existing homeowners from selling.
This has led to must ridiculous inventory level I have ever seen in this town. 25 homes for sale in this entire town, Sagebrush area included!
You need to take the following analysis with a bit of salt. I am working with fairly small numbers, so it is harder to say if trends are truly applicable to you.
Almost all of the real estate pundits will compare month to month. If you do that, here, the median price rose 15.3% this year. That is good! However, I think it is a much better idea to compare quarters.
Comparing the last two 4th quarters sees a rise in median price of 11%. This is also great news and more in line with my own gut feel on prices. And, you are kicking the pants off of everyone around you. In case you care.
Historically, in La Canada, our inventory starts to rise immediately after the holidays and increases every month until June. However, sales do not start to kick in until March. The sweet spot between highest number of sales and lowest inventory seems to be March- the earlier in March, the better.
And, new sales contracts taper off, sharply, after April. This is because the La Canada School system wants proof of residency before you get to register your darling progeny for school. It is’t good enough to be “in escrow”.
So, will prices continue to rise this year? Probably. However, it is likely that inflation and interest rates will also rise. The wise Monkey would get on the market before the super moms get in gear.
Homes Currently for Sale in La Canada