La Crescenta California Home Sales May 2008
There were 32 sales reported to the local MLS in May 2008. The inventory as of 6/11/08 is 122 homes, townhouses & condos. So, at present sales rates, we have a 4 month inventory. That’s good news! “Normal” inventory (seller & buyer are on an equal footing) is 6 months. This means we have a seller’s market. Well, what I really mean is that it ought to be a seller’s market.
The catch is (drum roll… here comes the not-so-good news) foreclosures. In May about 20% of the homes that sold were either foreclosures or “short sales”. Unfortunately, that’s way too many foreclosures – and that is what’s stopping us from having a seller’s market.
The point is that even though the National News Media portray home sales as being a disaster, there are many areas where that just isn’t true. La Crescenta, California is one of those areas. Along with Montrose, La Canada, Sparr Heights & Verdugo City, many factors make these special communities; great schools, easy access to local parks and national parks, wonderful neighborhoods, some of the best air quality in the Los Angeles area plus easy access to Downtown Los Angeles, Pasadena and Glendale. Who could ask for anything more.
On the other end of the spectrum is Shadow Hills. Stay tuned. I’ll report on it tomorrow.