Echo Park Home Prices for January 2013
Real estate market data for Echo Park, Los Angeles, CA 90026 provided by Patrick Crane of Keller Williams Realty Los Angeles.
Home prices in Echo Park have started off 2013 with a bang and continue to rise very rapidly.
More than twice as many homes were sold in Echo Park during the first four weeks of 2013 when compared to the same period last year. 10 Echo Park homes sold in 2013 versus 4 in 2012, for an increase of 150%! Although the average sales price rose by only 3%, the average sales price per square foot has risen by 30% to an astronomical (for Echo Park) level of $494.61 per square foot. Wow.
I expect we will see home prices continue to rise in the Echo Park and Silver Lake area for the next 12-18 months, minimum. The very low inventory level of homes on the market in Echo Park and Silver Lake is the primary contributing factor here (there was only one new single-family home listed for sale in Silver Lake/Echo Park last week – there is usually about 1/day) There are many more buyers in the real estate marketplace in Los Angeles than there are sellers, creating a huge imbalance in supply and demand. This always drives prices up, up, up.
It is a very good time to sell a home in Echo Park or Silver Lake. If you would like more information on selling your home give me a call today at (310) 709-4128 or email me at patrickcraneRE@gmail.com.