Monday, October 24, 2016

Eastside homes prices surge in December; Echo Park house sells for a record-breaking $2.1 million

eastside homes collage

An Echo Park home sold for a record-breaking $2.1 million in December while properties in Mount Washington took only 16 days on average to find a buyer as the Eastside and L.A. real estate markets ended 2015 on a strong note, according to a monthly analysis from Redfin.com.

The median price for homes sold across Los Angeles last month was $559,000. That’s up 9.6% from December 2014. Meanwhile, the number of homes available for sale in December dropped a substantial 20% when compared to November of last year, said Redfin.

On the Eastside,  the median price of homes sold across all neighborhoods tracked by The Eastsider was $625,000. That’s nearly 20% higher than a year ago.

Mount Washington barely edged out Echo Park with the Eastside’s biggest year-over-year  in the median price: up 25.2% to $720,000.

Echo Park’s median sales price of $813,000, which Redfin noted was on par with Marina Del Rey, got a boost with the sale of several properties above the $1 million-range, including a newly built, four-bedroom home in the 1600 block of Waterloo Street that sold for $2.1 million.  That makes it the first Echo Park home to sell above $2 million in recent years, according to Redfin.

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