Mirroring trends across the nation, the La Cañada Flintridge real estate market continued to struggle in 2011, according to figures released this month.
According to statistics provided by the Multiple Listings Service and compiled by Realtor Keith Sorem at Keller Williams in Glendale, La Cañada’s total sales dropped nine percent, from 234 in 2010 to 212 last year, and new listings dropped from 275 to 246.
Sorem’s analysis showed that one-third more listings either failed to sell or expired last year than in the previous year, driving down the average sale price per square foot by $18.87, to $432.16.
Sorem said this decline was the result of a mismatch of expectations between sellers and buyers, and that prices could continue to fall until the market begins to rebound, leading more sellers to pull their homes off the market.
“There’s a lot of people that feel the same way. They just can’t believe that people won’t pay more than they want them to pay,” Sorem said. “And I will tell you from the buyers’ end, the buyers go, ‘What are you trying to sell me? This is not as good as I expect,’ and they’re disappointed.”