The MLS/CLAW covers the above two areas together, and since the boundaries are not clear, this report will cover both areas.
Absorption rate is the number of months it will take the current inventory to sell, based on the average number of homes sold each month. Six months is a balanced market, above six months favors buyers and below six months favors sellers.
The under $1 Million Silver Lake and Echo Park real estate market favors sellers. The number of sales were up significantly over the previous year and the median price was only down slightly.
Above $1 Million is also a pretty health sellers market. Except for the last three months of the year, the number of sold listings was up significantly over the previous year. The median price was also only down slightly.
The Silver Lake and Echo Park condo market is also doing well. Sales in 2011 were way up over the previous year, even though the median dropped more than the single family homes. There is not a huge condo market in Silver Lake and Echo Park and good units that come on the market are going to sell fairly quickly. So Echo Park and Silver Lake condo sellers, now is a great time to put your homes on the market.