Los Angeles Living

This house at 1149 Manzanita St., Echo Park is just waiting for its new owners.  Look at the ambassadors.

The Echo Park Los Angeles Housing Market statistics below are taken from the MLS CLAW and are for single family home only.  They do not include condos, income property or private sales.

Echo Park home sales figures look very good for May. The number of homes sold was up 300% over April and the median price was up by 6%. Days on the market for homes sold were down 67% a significant drop over the previous month and homes under contract were up 255%. The months supply of inventory indicates a good market for sellers.

This was an extremely strong month for Echo Park homes sales and we will see how it fares in June.  June may still be a good month as long as the California first-time home buyers tax credit funds stay solvent.

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Single Family Open Houses in Westwood and West Los Angeles,  Sunday, May 9th - 2:00 - 5:00 p.m.

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The Echo Park Los Angeles Housing Market statistics below are taken from the MLS CLAW and are for single family home only.  They do not include condos, income property or private sales.

Surprisingly the figures for Echo Park home sales are not as strong as one would have thought given that April saw the end of the federal home buyers tax credit.  The number of homes sold was flat and the median price was down and the days on the market were up quite significantly over the previous month. Also the months supply of inventory increased.

May will be an interesting month with the holdovers from April's tax credit and the California tax credit kicking in.

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The statistics below are taken from the MLS and are for single family homes only in the 90026 area code.  They do not include condos, income property, or private sales.

The overall Echo Park Housing Market looks fairly strong for March.  The number of homes sold, median price, median list price vs sold price are all up quite significantly.  However days on the market for homes sold are up, as is the months supply of inventory.  The number of homes in escrow is down for March.

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Located near Downtown Los Angeles Echo Park is one of the oldest neighborhoods, dating back to the end of the 19th Century, and still maintaining its historic roots which sets it apart from the Los Angeles sprawl.

Named one of 10 great neighborhoods in America in 2008 by the American Planning Association, Echo Park  was built around what was then known as Reservoir No. 4 and is now Echo Park Lake, one of the loveliest parks in Los Angeles.  It is home to the art-deco style Lady of the Lake statue; the lotus flowers that bloom every summer; Spanish colonial-style Bellevue Recreation Center and boathouse.  The park is often filled with picnicers and boaters out enjoying the beautiful Southern California weather. Rumor has it that the lake was named by the builders of the original reservoir because of the voices which echoed off the canyon walls.

Echo Park  is built amongst the hills with breathtaking views.  There are over two dozen public stairways, public landmarks, and among the steepest in the city.  Also, if you are driving around Echo Park, make sure you have good brakes and strong nerves.  San Francisco has nothing on a couple of the streets, especially Baxter where you feel the car is almost vertical at the top.

The area was the center of the film industry before it moved to Hollywood prior to World War I.  At that time Echo Park was a middle-class neighborhood nick-named "Red Hill" because of the political make-up at the time. It has now become one of the more diversified areas of the City with its alternative feel and more affordable housing which is a mix of the old Victorian and Craftsman amongst the modern.

Echo Park is a dynamic, ethnically diverse, vibrant community who are actively engaged in protecting and preserving their community.

Below are the statistics for housing sales in Echo Park over the past year through February '10. Data is taken from the MLS CLAW and is for single family homes only.

The number of homes sold, median price and homes for sale is down significantly.  However, the number of days on the market for homes sold has dropped by 71%.  And, the months supply of inventory (MSI) has dropped by 64%.  A dropping MSI indicates that the sales rate is increasing.

We will watch with interest the price trend over the next few months.

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The statistics below cover home sales in the major Echo Park area of Los Angeles (90026) and are taken directly from the MLS.  They are for single family only and do not include condos, income property, and private sales.

There were 5 sales in the month of February, down from 13 in January and 12 in February '09.

The highest priced was $710,000 and the lowest $250,000.

The median sold price was $325,000, no change from January, but down from $460,000 in February '09.

The average percentage  of sold price vs listing prices was 106.98%, up from 96.12% in January and 86.22% in February '09.

The average days on the market was 56 down from 95 in January and 71 in February '09.

The rise in sales price over asking price and lowering of days on the market is a promising indicator.

Echo Park is one of the top growing areas in the U.S.  It's proximity to down town, spectacular views and still affordable housing by Los Angeles standards, draws a diverse population and a good place for first-time home buyers to investigate.

The statistics below, cover the major Echo Park areas (90026), are taken directly from the MLS and are for single family homes.  They also don't take into consideration condos, income property and private sales.

There were 10 sales in the month of December. The most expensive home sold was $786,000 in the hills and $865,000 in the flats. There were only 9 sales in December '08.

The median sales price was $480,000 approximately a 25% decrease over December '08.

Average days on the market for sold properties was 65, down from 105 in December '08.

Below is a breakdown of last month's activity in the Echo Park area of Los Angeles:

I just showed a property in Echo Park to a client of mine.  It is a new, loft-style condo development on a busy street, but it has tremendous views. (You can see the Hollywood sign top left and Griffith Park Observatory just below and to the right)

Every time I visit Echo Park I  am reminded of its uniqueness.  There are so many different neighborhoods and architectural styles, from mid-century modern, and craftsman, to the modern, and the area is a veritable melting pot of cultures.

Its proximity to Downtown Los Angeles and  Burbank, and Universal City makes Echo Park a desirable area for entertainment people and young professionals.  Once the poor cousin to trendy Silver Lake and Los Feliz, it is becoming more and more upscale.  
Echo Park is still one of the more affordable areas of Los Angeles, so if you are looking for a home with a more suburban feel but with quick access to everything, then this is an area you should consider. 

The median home prices rose 48% over the past year to $719,000 and the average days properties are remaining on the market has dropped by 37%.

The school district is Los Angeles Unified and you can use School Finder to check out the local schools.