Thursday, April 2, 2009

Silver Lake - Echo Park Market Round-Up: February - March 2009

2420 Moreno Silver Lake Los Angeles

2420 Moreno Drive

Single Family Home Market. 28 single family homes sold in Silver Lake – Echo Park in the months of February and March 2009, an average of 14 homes a month.

The two highest priced sales were 2420 Moreno Drive and 2130 Kenilworth Avenue – both in the desirable Moreno Highlands neighborhood – which sold for $1,275,000 and $1,150,000, respectively.

2130 Kenilworth Silver Lake Los Angeles
2130 Kenilworth Drive

Much of the sales activity was at the low end – just under half of the single family homes sales were under $400,000. Just under a third of all sales were bank-owned (REO) properties.

Because of this flood of bank-owned properties, the median sale price was $460,000 for February and March. Consider that for all of 2008, the median sale price of a Silver Lake – Echo Park home was $637,500.

Home Sales Silver Lake Echo Park 2009
The inventory is moving. As of March 2009, nearly 20% of homes on the market are in contract. As recently as six months ago, only 7% of homes were in contract. This should be taken as a positive sign – buyer demand is strong, and the excess inventory (mostly of REO properties) is being burned off.