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|
|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|
|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|