Numbers don’t lie, and these numbers are screaming that its time to buy!
Weighing in at just over 20,000 residents, La Canada Flintridge has long been regarded as one of Los Angeles County’s most prestigious yet undercover suburbs. Known for it’s superb school system, and old world community feel, La Canada has never had much of an issue with demand for it’s real estate. This being said, even the big boy’s are feeling the dip in the housing market!
Even though most residents probably still have a fair amount of equity in their property, the latest statistics suggest that now may a good time to get a deal in this town.
Below is a chart outlining the number of for sale homes vs. sold homes vs. homes pending sale \/
What you can see in this chart is that while the total number of homes for sale has dropped, the number of sold homes and the number of pending sales has dropped considerably more. This means that buyers have a little more leverage at this time to negotiate deals with sellers, as there are fewer buyers currently than previously, and an educated guess would lead me to believe that there has been a high fall out of escrows lately (causing the severe drop in pending sales).
I know someone out there has to be thinking “why would i want to buy into an area where demand has taken a slight drop off?” and the answer is once again in the numbers, while you can get a better right now, the market is also at a 12 month low for supply, which suggests that the local economy is improving and the supply is decreasing (which could mean we will be seeing a shift back to a sellers market shortly).
Another reason that it may be a good time to buy is in the actual prices of the homes in this area. In the data table below we can see that while that average active price is still relatively high, the actual average sold price is at a 12 month low (with the exception of one month).
So do not be scared off by listing prices because this data suggests that there is a large amount of negotiability, with regards to price.
For more information feel free to contact our office at www.jhhre.com or 818.246.1099
John is the Vice President here at JohnHart, and as such is responsible for managing and directing the firm towards obtaining its ultimate goals.
He is also one of our main contributors on the Blog. (please see his profile page on the main site for more information.)
