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La Crescenta Homes- September Sales

Time for a little number crunching my little Chitlins. NOT my fav thing to do in the wee hours of a dark Monday morning, but I have been distracted by the process of selling lots of homes and I have fallen behind schedule!

Today we are talking about La Crescenta Homes.  Activity is intense up here!  I just got through a 9 agent multiple offer battle to get a sa-weeeeet home for my client.  This home was priced in the upper $500’s and that is the price range of intense activity.

The chart tells all.  Number of La Crescenta homes sold is up and number of listings is way down.  Less supply+more demand= multiple offer battles.   Interestingly, prices remain more or less steady.  How can that be?

The multiple offer process today is very different form the ones of 2005.  Back then, agents listed the home “per the comps” and buyers were bidding far above the “comps”.  Today, agents are pricing low to attract multiple offers, but the buyers are

  1. More savvy about recent  sales prices due to the internet
  2. Cautious about paying much above those prices.
Single Family Homes July August Sept
New Listings 19 17 16
Total Listings 65 62 47
Sales Pending 39 47 36
Homes Sold 28 26 31
Expired Listings 5 12 14
Average Days on Market 73 60 74
Average $per Sq.Ft. $386 $404 $399
Median Selling Price $564,500 $590,750 $580,000
Average Selling Price $608,214 $640,250 $598,581
Absorption Rate * 3 2 2
Condos and Townhomes
New Listings 2 3 2
Total Listings 5 6 4
Sales Pending 12 6 6
Homes Sold 5 7 5
Expired Listings 4 0 1
Average Days on Market 125 93 101
Average $per Sq.Ft. $273 $280 $282
Median Selling Price $495,000 $450,000 $507,500
Average Selling Price $455,231 $459,714 $492,700
Absorption Rate * 1 1 1
* The # of months to sell current inventory at present rate of sales

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