2013 Silver Lake Echo Park Home Prices
Real estate market data for Silver Lake/Echo Park, Los Angeles, CA provided by Patrick Crane of Keller Williams Realty Los Angeles.
Home prices in Silver Lake and Echo Park are going up fast, again. If you have been out looking for a home to buy on the Eastside recently you already knew that!
All three of the major statistics I look at to determine real estate market trends are showing double-digit percentage increases in 2013. Total number of homes sold, average sales price, and average sales price per square foot have all increased by more than 10 percent. If you have been in denial about how far and how fast prices are going up in the area, you might want to re-think that position.
For the calendar year-to-date through April 4th, the average price of a home sold in Silver Lake and Echo Park increased by 11%. The average sales price of a Silver Lake/Echo Park home in 2013 is $604,520, last year it was $547,002. It is easy to see how some buyers who want to live in the neighborhood have been “left behind by the market.” Prices have risen that much, that fast. 98 homes were sold during this period this year, and 89 were sold last year (even with an extra day thrown in there for leap year in 2012)
Over this same time period, the average sales price per square foot rose 13%. In 2013 we’re looking at an average selling price per square foot of $422.13 versus last year’s $373.20. If you’re looking to buy a home and you are on a budget this is not good news. If you own a house in Silver Lake or Echo Park you can look around and thank each and every square foot of living space for the nearly-$50 it has appreciated over the past year. That’s called appreciating your appreciation!
The lack of supply of homes for sale combined with huge demand from prospective buyers in Silver Lake and Echo Park means this trend is likely to continue for some time to come. Believe it or not, the average sales price per square foot is still more than 10% below the peak of the market in 2006. I don’t think it will be much longer before prices in the neighborhood surpass those levels the way things are going right now.
If you are a homeowner this is a great time to sell a home in Silver Lake or Echo 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.