Midway into summer, the inventory of homes and condos on the market in La Cañada Flintridge is low, but there are still a lot of interested buyers.
According to Sam Buchanan of B and B Properties, the feverish market is leveling off to a degree. There are currently 94 houses and condos up for sale, with the inventory remaining near a total of 100 properties for the last six weeks. The lowest priced property is a $459,000 condo and the highest is a residence in the Flintridge area with an asking price of $3,450,000.
"We are seeing properties on the market an average of 30 days," Buchanan said. "The average list price is $1.4 million, with an average price per square foot of $450. Most of the buyers are looking in the range of $700,000 to a million, have children and want a good size yard."
Wes Seastrom of Keilholtz Realtors agrees with Buchanan that the market is a "little soft," as the average list price in the spring was $1,970,670.
"Don't get me wrong," Seastrom said, "prices are still up. Prices just are not rising as quickly as in the spring. This summer there are more homes available, prices are still high, just not astronomical. The lowest price home in La Cañada Flintridge not in the [La Cañada Unified] school district is $629,000, whereas in the school district, the lowest listing is $659,000. Since the first of the year, 137 properties sold with an average list price of $1,930,000. Buyers could get a lot more home elsewhere for less money, but are willing to pay a premium to be in the school district."
Currently there are 14 homes with asking prices over $2 million and two priced over $3 million.
"It is a hotter market than last summer. The typical buyer wants something where there are not five other offers on it and they don't have to jump through several hoops to get it," said Patti Wassell of Dickson Podley Realtors.
Wassell believes the recently installed sewers are not having any impact on sales.
She said, "The sewers are an interesting issue. In La Crescenta when they went in, the seller paid off the bond and hookup. [In La Cañada] we are seeing the seller is having the buyer take over that responsibility."
Realtors say that rather than staying put in La Cañada Flintridge, many of the sellers are moving out of the area at the close of escrow.