Tuesday, October 25, 2016

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 :

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