Let’s compare the Silver Lake and Echo Park real estate market in the 1st Quarter 2012 against the same period last year. At present it is difficult to accurately split the two markets as the MLS combines them. However, I hope soon to be able to do that since Echo Park and Silver Lake are two distinctly different communities.
The numbers are taken from the MLS/CLAW and are deemed reliable but not guaranteed. Also, they reflect single family home sales only.
Number Sold: 69, a 32.69% increase over the same period last year.
Median Price: $520,000, a 5.7% increase over the same period last year.
With the 70 active listings and and average of 23 homes sold per month, the number of months it will take to sell the existing inventory (absorption rate) will be 3.04. A stable market is 6 months worth of inventory and anything below that is a sellers’ market. Silver Lake and Echo Park home sellers should be seriously considering putting their homes on the market.
Buyers are out there, mortgage rates are low, inventory is low. The perfect storm.
Homes for sale in Silver Lake and Echo Park
$599,000 : 1625 Montana Street, Los Angeles2 beds, 2 part baths
$823,215 : 1644 North Banford Street, Los Angeles2 beds, 2 full, 1 part baths
$1,200,000 : 2238 Moreno Drive, Los Angeles4 beds, 3 full baths
$799,000 : 1356 Mcduff Street, Los Angeles2 beds, 1 full, 1 part baths
$1,198,000 : 816 Waterloo Street, Los Angeles4 beds, 3 full baths
$1,425,000 : 2115 Park Drive, Los Angeles3 beds, 2 full, 1 part baths
$899,000 : 1601 Redesdale Avenue, Los Angeles3 beds, 2 full baths
$789,000 : 2201 Tom Mix Road, Los Angeles2 beds, 2 full, 1 part baths
$1,500,000 : 642 North Virgil Avenue, Los Angeles5 beds, 3 full baths
$689,500 : 1832 Griffith Park, Los Angeles3 beds, 3 full baths
$1,399,000 : 3737 Landa Street, Los Angeles3 beds, 2 full baths
$1,225,000 : 1321 Carroll Avenue, Los Angeles3 beds, 2 full baths
$525,000 : 813 Laveta Terrace, Los Angeles2 beds, 1 full bath
$679,000 : 1217 Sanborn Avenue, Los Angeles2 beds, 1 full bath
$699,000 : 2815 Bellevue Street, Los Angeles4 beds, 2 full, 1 part baths
See all Silver Lake and Echo Park Homes for Sale.
(all data current as of 8/29/2015)
Listing information deemed reliable but not guaranteed. Read full disclaimer.
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