Echo Park Real Estate Market Report November 2011

Echo Park is a highly desirable area near Downtown Los Angeles,  and homes don’t generally stay on the market there too long.

A sellers’ market is one where the inventory is below 6 months.  A buyers’ market one where it is above six months.  And six months’ inventory is a stable market.

Median price is the price at which half the homes sold above this price and half below.  Average sales price does not accurately reflect the trend since one extremely high-priced or one extremely low-priced home is going to skew the statistics.

The MLS does not show median days on the market, only an average, and again, one home selling quickly or very slowly is going to affect that figure.

I show price per square foot for homes currently on the market, but this really is not a fair measure since there are so many variables affecting that price.

Bearing in mind that Echo Park really is not an area with a high number of condos, let’s see how Echo Park real estate has been doing.

Echo Park single family home sales are fairly steady in number of sales, median price and days on the market.  Also sales price vs. list price is high.

The Echo Park condo market is limited but steady.

Previous Echo Park Market Reports

Echo Park Real Estate Market Report – February 2011

Echo Park Real Estate.  How is the Market Doing?

Echo Park Real Estate Market Trends, May 2010

 

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