La Canada Market Activity This Week

We have 88 active listings in La Canada, 2 of which are new:

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826 Parkwood was last on in March for $1,050,000. 5534 Rock Castle sold June of '07 for $870,000. It has been cosmetically updated but the square footage is the same. In real estate we call that putting lipstick on a pig.

2 listings went into escrow this week:

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1112 Wiladonda is in the semi-popular under-million dollar group so it sold in less than 3 weeks. Note that there is no "popular group" in real estate today. Being pretty and emotional no longer means a fast sale. 4832 Commonwealth, last sold in '04 with multiple offers (sold more than $100,000 over asking) at $1,105,000. It was listed at $1,279,000, then reduced to $1,249,000 before selling.

One house closed escrow this week:

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1016 El Vago was listed in July for $1,250,000. It went through 2 price reductions before selling for $980,000.

We had 9 homes close escrow in La Canada in the last month, compared to 14 in September and 24 in August. The holiday slowdown is normal in our market and traditionally we won't see a significant increase in sales volume until late January. There are rumblings that mortgage markets will loosen up in the spring. While that helps with the number of sales, it doesn't guarantee higher sales prices.