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 12/12/2013)
$770,000 : 1419 BEVERLY, Los Angeles2 beds, 1 full bath
$375,000 : 263 Union Place, Echo Park7 beds, 5 part baths
$795,000 : 2508 LAKE VIEW AVE, Los Angeles2 beds, 1 full bath
$849,000 : 1815 PARK DR, Los Angeles2 beds, 1 full bath
$649,000 : 2218 EFFIE ST, Los Angeles3 beds, 1 full bath
$489,900 : 322 North Bonnie Brae Street, Los Angeles4 beds, 2 full baths
$548,888 : 3414 London Street, Los Angeles3 beds, 1 full, 1 part baths
$1,075,000 : 2415 EDGEWATER TER, Los Angeles4 beds, 2 full, 1 part baths
$469,990 : 2804 London Street, Los Angeles2 beds, 1 full bath
$699,000 : 2445 RIVERSIDE PL, Los Angeles3 beds, 2 full baths
$849,000 : 3027 Windsor Avenue, Los Angeles3 beds, 1 full bath
$758,698 : 2677 Glendale Boulevard, Los Angeles2 beds, 2 full baths
$689,000 : 1310 MCCOLLUM ST, Los Angeles2 beds, 1 full bath
$1,009,200 : 2506 Berkeley Avenue, Los Angeles4 beds, 4 full baths
$525,000 : 1637 Baxter Street, Los Angeles2 beds, 1 full bath
Listing information deemed reliable but not guaranteed. Read full disclaimer.
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