2013 Highland Park Home Sales
Real estate market data for Highland Park, Los Angeles, CA 90042 provided by Patrick Crane of Keller Williams Realty Los Angeles.
Just like the rest of the Eastside, home prices in Highland Park are rising fast so far in 2013.
Although there were 2 fewer homes sold in the 90042 zip code in the first 7 weeks of 2013, the average selling price of a single-family home in Highland Park rose by a whopping 35% year-over-year. The average selling price per square foot in Highland Park has risen 10% to nearly $325 per square foot.
Why are prices going up so fast? One reason is interest rates remain very low. The prevailing rate on a 30-year fixed rate home loan is somewhere around 3.875%. Another reason for higher prices is the dramatic lack of houses on the market in Highland Park. As of this writing there are only 33 single-family homes for sale in Highland Park, 90042. The average number of homes sold in Highland Park for the past 6 months is 26. That means there is only a 1.27 month supply of homes on the market for sale. In a healthy real estate market where supply and demand are in balance there is a 7+ month supply. This imbalance in the supply of homes for sale and the demand for them is definitely driving prices up.
As you can well imagine, this is a great time to sell a home in Highland Park. 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.