The Verdugo Hills includes the communities of La Crescenta, La Canada, Montrose, Sunland/Tujunga and portions of Glendale. The May sales statistics are encouraging:
May sales were up strongly in many parts of the Foothills.
If sales rates continue at this pace AND the economy holds up, it’s possible that we will have a somewhat healthy summer sales period. I say somewhat because foreclosures are still a big factor. Foreclosures represent about 25% of the sales throughout the Foothills. Some areas, La Canada for example, have very few foreclosures. Other areas such as La Crescenta have more while Sunland & Tujunga have been very hard hit.
6 months is considered a balanced absorption rate. La Crescenta and other areas have improved somewhat. More details in my next posting.