The Echo Park real estate housing market report below shows the market absorption trend for single family homes in the 90026 area.
What is an absorption rate? This shows the rate at which inventory is being sold and is calculated by the number of homes on the market divided by the number sold in a month. This helps in determining the pricing of homes being put on the market and what kind of market it is. If you have a 10 month selling cycle and want to sell in 5 months you would need to price your home a little lower than the 50% average. Also a 6 months selling cycle is a balanced market. Above that is a buyers’ market and less than 6 months inventory is a sellers’ market
The Echo Park real estate market would seem to be a seller’s market. This is probably due to the shortage of inventory in the area.