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
See all Silver Lake and Echo Park Homes for Sale.
(all data current as of 3/2/2015)
$1,850,000 : 3358 HAMILTON WAY, Los Angeles7 beds, 6 full baths
$789,000 : 1514 MORTON TER, Los Angeles2 beds, 2 full, 1 part baths
$1,098,000 : 1945 CERRO GORDO ST, Los Angeles3 beds, 2 full baths
$699,000 : 2055 Lake Shore Avenue, Los Angeles2 beds, 1 full, 1 part baths
$1,215,000 : 2415 PANORAMA TER, Los Angeles3 beds, 1 full, 1 part baths
$689,000 : 2205 Polyscope PL, Los Angeles2 beds, 2 full, 1 part baths
$799,000 : 2525 LAKE VIEW AVE, Los Angeles2 beds, 1 full, 1 part baths
$823,215 : 1641 N Morton Ave AVE, Unit 14, Los Angeles2 beds, 2 full, 1 part baths
$549,000 : 2722 COUNCIL ST, Los Angeles3 beds, 1 full, 1 part baths
$699,000 : 2146 SANTA YNEZ ST, Los Angeles3 beds, 2 full baths
$499,000 : 1840 LOBDELL PL, Los Angeles1 bed, 1 full bath
$913,480 : 1641 N Morton AVE, Unit 17, Los Angeles3 beds, 3 full, 1 part baths
$1,075,000 : 2430 West Silver Lake Drive, Los Angeles2 beds, 1 full bath
$529,990 : 1641 N Morton AVE, Unit 2, Los Angeles1 bed, 1 full bath
$729,000 : 2211 Polyscope PL, Los Angeles3 beds, 2 full, 1 part baths
Listing information deemed reliable but not guaranteed. Read full disclaimer.
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