Echo Park Prices Still Thriving Despite July Dip
Southern California real estate sales in July 2016 were down slightly more than 11% from June and down just over 10% from the same time last year, according to Core Logic, a real estate analysis firm out of La Jolla, CA.
July’s year-over-year drop “marked the largest annual decline for any month in almost two years, while the 11 percent June-to-July sales decrease was the largest in five years,” said Andrew LePage, a research analyst with CoreLogic, in a released statement.
According to LePage, this is likely due to a “quirk of the calendar,” as there were only 20 business days for home sales to be recorded this July—as opposed to the usual 22—which was the result of there being five weekends in July 2016.
“The last time sales dropped sharply…between June and July was in 2011, which was also the last time the month of July had only 20 business days,” said LePage.
But while the number of homes sold this July was down from 2015, prices were up. The median price paid for a home in Southern California this July was $465,000—the same median as the month prior, but up over 6% from the previous year.
According to LePage, this continues a “nine-year high” for median home prices in Southern California.
Locally, there were 58 single-family homes and 27 condos sold in our coverage area this July, according to Core Logic data.
Echo Park’s 90026 zip code had the most homes sold, 31, at a median price of $710,000—down 9% from July 2015.
The same area saw only five condo sales this July, at a median price of $560,000, down more than 30% from July 2015’s median.
But according to Tracy Do, a local realtor with Compass, month-over-month data can be misleading, and in her experience, Echo Park prices are still going up.
“What I usually look at is the daily market activity,” said Do. “From my day-to-day survey, we’re still in an appreciating market.”
Meanwhile, 18 homes sold in Silver Lake’s 90039 zip code, at a median price of $802,000, down about half a percent from July of last year.
However, July condo prices for the zip code were up nearly 20% from the previous year, to a median price of $691,000 for the two sold.
Los Feliz’s 90027 zip code saw 17 homes sell, for a median price of $1.25 million, up slightly more than 11% from July of last year.
The median condo price in the area went up as well, more than 25% to $744,000 for the five condos sold.
In the Hollywood Hills’ 90068 zip code, 16 single family homes sold this July at a median price of $1.54 million, up more than 6% from last July.
Additionally, seven condos sold in 90068 for a median price of $525,000, an increase of more than 25% over last July.