July 2024 Real Estate Market Infographic Crescenta Valley, including the Glendale Annex, La Crescenta, and Montrose, CA

Home Values Steady

The Median Sold Price increased slightly from $1,275K in 2023 to $1,278K in July, 2024, an increase of $3K or about even to 2023. ?However, note the recent low point was in December at $1.09 million, since then increasing $262K to July’s $1.36 million.?

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Mortgage Interest Rates Increasing

In 2023 the Jumbo 30 Year Mortgage Rate was 6.94% according to Bankrate.com, ending in June 2024 at 7.06%, after peaking at 8.02% in November.

Buyers waiting for lower mortgage rates may be facing a conundrum of values increasing again AND interest rates remaining elevated.

?Buyer Perspective - Very Competitive

About half of the homes sold are strategicaly priced and needed about three weeks to sell, averaging $114K above List Price. One third of listings needed a price reduction averaging -$81K and 40 DIM to sell.

?Seller Perspective – Overpricing is A Temptation

One-quarter of ACTIVE listings averaged an $104K price cut, with 86 Days In MLS, and still do not have an accepted? offer.? A good Realtor? will advise sellers to slightly under-market price, and let the buyer demand do the heavy lifting to sell for the best price.

?Overbidding Moderates

Interest rates have decreased, a sign buyers are not as competitive. ?In January, the Original List Price To Sold Price Ratio was 96.2%, increasing to 103.6% in June 2024, then declining to 102.7% in July, so on average buyers paid $37K above list price.?

?Months of Inventory

MOI is typically low in the Crescenta Valley due to the high demand for the quality of life and schools.? The bottom was December with only 0.4 Months, increasing to 1.3 Months in June, a typical seasonal change, and maintained 1.3 MOI in July, indicating ?strong seller’s market continues.?

?Celebrating Twenty Years Serving Our Clients

We offer free, No-Obligation Highest Price Analysis, looking at your property from the buyer perspective and how you could maximize the sale price and profit.

Ask for our free report, “Selling For The Best Price In Any Market in 2024”.

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