Saturday, April 5, 2008

Silver Lake / Echo Park Market Round-Up: March 2008

View of Echo Park from the Silver Lake Hills, Los Angeles

Silver Lake/Echo Park (Area 21): 16 houses closed in Silver Lake/Echo Park in March 2008. Properties in all categories went into escrow, including 4 selling for over $1 million and 3 selling for under $500,000. The highest priced sale was $1.24 million for a 4 br, 5 ba "metaphysician's retreat" at 863 Lucile Avenue (that's a lot of metaphysics for that price). The lowest priced sale was a $235,000 for a 2 br, 1 ba bank-0wned shanty at 222 Bixel Street, south of the 101 Freeway -- proving that there are still bargains to be had in Los Angeles!!!

The average days on market (DOM) for theses sales was 71. DOM varied quite significantly. 4 houses sold in 30 days or fewer (minimum, 9 days). 4 houses sold in 120 days or more (maximum, 172 days). The average $/sq foot for all sales in March was $532/sq ft.