Friday, October 21, 2016

Want to buy a house in Echo Park? Get in line

If you are searching for a house to buy in Echo Park these days, you know you are far from alone. In fact, the homes that sold within the past 90 days in the 90026 Zip Code, which includes most of Echo Park and  a large chunk of Silver Lake,  received an average of 10 offers, according to statistics from Redfin.

All that competition has certainly helped to heat up prices, with buyers in the 90026 Zip Code bidding up the average sales price to slightly more than 5% above the original asking price, according to Redfin.

The homes for sale in the 90026 Zip Code attracted the most offers during the 90 days in the Zip Codes followed by The Eastsider. Here’s the breakdown of the Redfin figures where they were available,


Source: Redfin

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  1. The second zip code down on the list should be 90041.

  2. Matt Castesllanos

    Oh so Its gonna be even harder to try and find a home where I grew up. Thanks a lot. haha

  3. While I agree that there’s plenty of demand for homes in the areas mentioned above, I don’t think the average number of offers a listing receives is necessarily the best indicator. It seems that many Los Angeles real-estate agents are purposely listing homes below market (i.e., below what the seller will accept) in order to generate “buzz” and start a bidding war. If a listing ends up attracting tons of offers, that simply tells me the listing agent probably didn’t accurately estimate the house’s value to begin with – or he/she purposely set a low asking price.

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