Home prices rise in La Cañada Flintridge

The median home price in La Cañada Flintridge rose to $1,604,956 last month, compared to $1,402,383 in December 2013, according to statistics compiled by Realtor Phyllis Harb with Dilbeck Real Estate in La Cañada.

The number of houses that closed escrow in La Cañada rose to 23 in December, up from just 18 the same time last year. The average number of days houses remained on the market also increased, from 58 to 68 days.

Despite a typical holiday slow-down on the number of listings and escrows, Harb said demand among buyers seeking a La Cañada address is on the rise, squeezing out first-time home buyers and new families looking for properties below the $1-million price point.

“(Buyers) are not going to get a lot for their money,” she says of the La Cañada market. “They’re going to get a great community and a good school district, but they’re not going to get a lot of house.”

Sam Buchanan, who owns La Cañada’s B&B Properties with wife Diane, agrees that while inventory remains relatively low, prices have stayed high into the New Year and will likely climb into this year.

“There’s not a house listed as of yesterday under $1 million,” Buchanan said Monday. “With the high demand from home buyers, low interest rates, the improving economy, more demand from foreign buyers and low inventory of homes for sale, I expect prices will increase in 2015.”

Despite the cost spikes in this seller’s market, Harb says higher-end La Cañada homes, listed in the $3-million to $6-million range, seemed to sell more easily toward the close of 2014 than in years past.

Buchanan said he’s seen more local homes being sold to people from China, who are interested in buying into the local school system or purchasing as an investment.

“If you look at what a home in Shanghai costs compared to La Cañada, they’re a bargain here,” he said. “That’s put some pressure on the market as well.”

Last year, 51 homes in La Cañada sold for under $1 million and in December 2013, the average price per square foot was $495. But last month, that price was closer to $587 per square foot, Harb reports, with no properties listed under $1 million.

“Not everyone can afford La Cañada,” she surmised. “If (buyers) want more bang for their buck… they should look in La Crescenta.”