Over 1/3 of La Canada’s home sales in May were either foreclosures or short sales.  More than one out of three families in this affluent community sold their home because they weren’t paying their mortgage.  I didn’t dissect the other 2/3 standard sales to determine how many of those homeowner’s walked away with a profit, but likely some of these sold at a loss as well.

The good: 
*The number of homes closed in May increased for the fifth consecutive month
*Price per square foot increased for the fifth consecutive month
*Average sale price is higher for May than any other month this year

The not so good:
*Selling price to list price ratio is off, in fact only March was lower. 
*Days on market is up from March and April

Of note:
*Short sales are up, foreclosures are down
*Average sales price of standard sales: $1,548,647
*Average sales price of short sales: $1,412,500
Seems that the average home seller and short seller are nearly the same homeowner, less the short seller’s probable deferred maintenance