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Welcome to LA Digs, the real estate and Northeast Los Angeles community blog written by Realtors Tracy King and Keely Myres.

Here, we share tips, market updates, and local news bits to keep you informed on what's happening in Northeast Los Angeles and the surrounding neighborhoods. Read on to learn about the latest in your neighborhood!

NELA Real Estate: The Numbers - Jan 1-May 31, 2017/2018

NELA Real Estate: The Numbers - Jan 1-May 31,  2017/2018

Just when some said real estate prices can't climb any higher, guess what? They're still climing in Northeast Los Angeles.

The numbers are in and there are no surprises. Homes in Highland Park and Hermon, Eagle Rock, South Pasadena, as well as Mt. Washington and Glassell Park homes are selling well, selling fast and selling for a lot.

Let's look at zip Codes 90041 (Eagle Rock), 90042 (Highland Park-Hermon) 90065 (Glassell Park-Mount Washington), and 91030 (South Pasadena) averages.

Note: All data is taken from themls.com, except the last column in 2018 is the percent increase from 2017 to 2018.The first column is first the year, then the average sales price for all single family homes in that zip code, the zip code with just the homes that sold for $1 million or more. AV SF is "average square feet", AV $/SF is "average price per square foot". The DOM is "days on market". LP is the "average list price" when the property went into escrow. The LP/SP is the list price/sales price ratio—a number over 100 is what percent the sales price exceeded the list price. And then #SALES is "number of sales" for that category January 1-May 31. %YOY$ is the percent increase in sales price from 2017 to 2018.

 

2017 AV SF AV $ / SF DOM LP $ SP $ LP/SP # Sales
90041 1630 588 53 882,659 900,602 105 60
90041
$ Million
2508 513 83 1,287,643 1,299,509 102 14
90042 1330 599 41 696,853 724,068 104 110
90042
$ Million
2473 441 22 1,049,200 1,124,380 109 5
90065 1540 549 48 772,614 790,986 102 112
90065
$ Million
2473 501 52 1,131,187 1,166,733 104 15
91030 2338 659 40 1,405,591 1,460,193 105 44
91030
$ Million
2484 662 40 1,498,526 1,556,803 105 38

 

2018 AV SF AV $ / SF DOM LP $ SP $ LP/SP # Sales % YOY $
90041 1781 628 40 1,035,928 1,062,825 105 60 12.72
90041
$ Million
2437 622 54 1,144,392 1,465,333 104 24 12.76
90042 1525 611 41 809,800 845,285 105 128 16.74
90042
$ Million
2072 574 31 1,070,463 1,139,133 107 30 1.30
90065 1548 625 36 852,667 888,339 105 126 12.30
90065
$ Million
2266 587 28 1,183,485 1,247,163 107 33 6.87
91030 2353 746 35 1,627,598 1,687,116 105 43 15.54
91030
$ Million
2461 744 37 1,708,633 1,769,667 105 39 13.69

 

Yes, you’re right—the market has continued to climb in Northeast Los Angeles. And it has climbed even more in South Pasadena. I’m sure this will spark more discussion of “are we in a bubble?” but I have been hearing from financial and real estate insiders that we have at least until 2020 before there are any signs of a major correction.And I have also heard  “it can’t go on like this,” with several compelling reasons why not. There is a lot of gray between “bubble burst”, “flatten out” and “keep going up.”

If you keep saying the same thing about the market, it will eventually be true—because real estate and financial markets are cyclical. The difficulty is exactly “when” markets will change, not “if” they will change. It’s sort of like predicting exactly when someone will die. You can be sure that it will eventually happen, but when exactly is based on so many variables, any prediction is only a guess. Maybe it’s a very educated and well-reasoned guess, but that’s not the same as knowing. Because NELA and South Pasadena have very few developments and most of the single family homes are custom built, it’s especially difficult to make general rules about their value.

This is what I’ve seen: the homes that sell for the most money tend to be those that are in great condition, great style, great locations, and/or have great potential. Location seems to be the most important, but great and stylish updates are a close second. That means that if your house is in great shape but needs updating and it’s not the best location, you aren’t going to get top dollar.  However, you might be surprised by how much you do sell for in this market. It will almost certainly be more than you ever would have made before now.

Thinking that now might be a good time for you to sell? We know some stuff about how to strategize getting you the most possible now for your home. Call us for a consultation.

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Tracy King, Realtor
DRE# 01048877
Phone: 323-274-2148 | This email address is being protected from spambots. You need JavaScript enabled to view it.

Keely Myres, Realtor
DRE# 01834633
Phone: 323-274-2148 | This email address is being protected from spambots. You need JavaScript enabled to view it.

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