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La Canada Homes- September Sales Statistics

Here is our last neighborhood recap for September- this feels like such old news, now!

In September, La Canada saw it’s inventory of homes go way way down.  Sales of sub one million dollar homes went up but homes over 2 million are about the same.  Overall inventory is down by more than 20%, but the real story is in the decrease in listings under $1.5 million.

The real stopper in the over 2 million range isn’t a lack of buyer want, but, rather, a lack of available financing.  Super jumbo loans (over one million) are expensive and difficult to get- requiring 30% or more as down payment.

I expect to see continued demand for the sub one million price range  through the end of the year.  If you have a smaller home in our fair city, now is the ideal time to think of selling.  Buyer demand is very, very strong.

Single Family Homes July August Sept
New Listings 19 19 17
Total Listings 87 76 65
Sales Pending 30 32 24
Homes Sold 29 24 23
Expired Listings 15 15 12
Average Days on Market 130 110 121
Average $per Sq.Ft. $447 $456 $475
Median Selling Price $1,380,000 $1,069,000 $1,120,000
Average Selling Price $1,493,172 $1,082,896 $1,455,217
Absorption Rate * 5 5 4
Condos and Townhomes
New Listings 2 0 2
Total Listings 6 4 6
Sales Pending 1 1 0
Homes Sold 2 1 1
Expired Listings 0 3 0
Average Days on Market 124 52 76
Average $per Sq.Ft. $446 $384 $353
Median Selling Price $822,500 $810,000 $455,000
Average Selling Price $822,500 $810,000 $455,000
Absorption Rate * 10 6 8
* The # of months to sell current inventory at present rate of sales

About Kendyl Young

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