February Real Estate Results: Investors flipping over Mt. Washington; Eastside median price jumps more than 20%


The median price for homes sold across L.A. in February rose 14.6% from the same month last year. That’s the biggest year-over-year increase in nearly two years,  according to Redfin’s monthly review of sales activity. But sales prices rose even more strongly on the Eastside, where the median price climbed more than 20% to $625,000.

While buyers had more homes to select from, Eastside properties did not stay on the market for very long and often sold for slightly over the asking price. In Mount Washington for example, homes went into contract in less than two weeks (as measured by median days on the market) at 6.5% over the asking price, according to Redfin. The median price of $790,000 in February was up more than 19% from February of last year.

Purchases by investors, aka flippers, in Mount Washington might explain some of the strong results seen recently. In 2015, the average flip in Mount Washington had a gain of $312,000, according to a recent Redfin report.

Here’s a summary of Eastside real estate sales and prices for February :

Eastside Guide Small Logo

The Eastside Guide Business Directory is designed to help readers find the services and products they need.

The businesses and services in the directory have not been reviewed nor are they endorsed by The Eastsider. Users are responsible for taking care to investigate any offers, products or services provided by businesses listed in the directory.

Want your business included in the Eastside Guide? Click here for details

Post a Comment

Please keep your comments civil and on topic and refrain from personal attacks. The moderator reserves the right to edit or delete any comments. The Eastsider's Terms of Use and Privacy Policy apply to comments submitted by readers. Required fields are marked *