Sales of Silverlake/Echo Park homes decreased significantly, by nineteen percent (19%), in July, 2010. Despite an increase in sales over the last two months, only thirteen (13) Silverlake/Echo Park homes were sold in July of 2010, while the Combined L.A./Westside MLS reflects the sale of three (16) Silverlake/Echo Park homes for July 2009.
Homes Sold in Silverlake/Echo Park for July 2010:
Supply continues to outpace demand, although there was a 21% decrease in available Silverlake/Echo Park homes for July 2010, as compared with the same month last year. There were ninety-five (95) Silverlake/Echo Park homes listed on the market for July of 2010.
Sales prices for Silverlake/Echo Park homes also decreased by nineteen percent (19%) in July of 2010 and compared to the same period last year. is another positive indicator that the west side real estate market may be gaining momentum. The median ‘sold’ price for Silverlake/Echo Park homes in July, 2010 was six-hundred ten-thousand dollars ($610,000) as compared to an average sold price of seven-hundred and fifty-four thousand dollars ($754,000) just a year ago.
Median Sold Price of Silverlake/Echo Park homes for July 2010:
On a positive note, the average 'days on market' for Silverlake/Echo Park homes in July 2010 is down to 23 days on the market, a decrease of 44%, compared to last July when homes were listed on the market for 41 days before being sold.This shows that homes are being priced correctly for present market conditions and those in the market to buy now are acting swiftly.
Though listing prices of Silverlake/Echo Park homes have decreased by about seven percent (7%) from July 2009 to July 2010, the actual sales prices of Silverlake/Echo Park homes have gone down significantly by nineteen percent (19%), which shows a disconnect between what homeowners believe their homes are worth vs. the value that the current market dictates.
Please contact me if you would like more information about the real estate market in Urban L.A., or the Silverlake/Echo Park home market
For a free list of homes for sale, please visit UrbanPulseProperties.com.
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