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Silver Lake Real Estate Market Update: August 2009

By Jenny Durling

Real Estate Agent with L.A. Property Solutions BE# 01342428

September 04, 2009 04:19 AM

Silver Lake Real Estate Market Update: August 2009

Well priced Silver Lake real estate is selling relatively quickly. There is not a particularly large inventory homes for sale in the area right now. The mls show the current active listing inventory to be only 37 homes. The follow chart shows Silver Lake Real Estate Market activity for the Month of August, 2009.

Single Family homes sold in Silver Lake California

Now let's take a look at some year to date figures from January 1, 2009 through August 31, 2009. These figures are for single family homes in Silver Lake only and to not include Silver Lake condos or income properties.

Silver Lake Home Sales Year-to-date from January 1st, 2009 through August 31, 2009

Number of Single Family Homes SOLD: 111
Highest price - $1,890,000
Median price -$735,000
Average price -$733,989
Lowest price - $172,000
Average Days on the Market - 61
Average Square footage $1,737.24
Average price per square foot- $425.06

According to the information provided in the MLS, of the total number of single family homes sold in Silver Lake so far this year, 7 where short sales and 16 where bank owned, meaning approximately 20% of the total where distresses sales.

Silver Lake prices vary by location, school district, property size and condition. The following chart shows that the majority of sale of Silver Lake single family homes this year have sold between $700,000 and $1,000,000. If you have been hoping to find a house in Silver Lake for $500,000 or less you'll see that that relatively few homes have sold in that range. This price range is not only very competitive, but the majority of the properties are major fixers, very small, and/or in less desirable areas.

Silver Lake real estate prices

For more information on Silver Lake, Echo Park, Los Feliz, and surrounding areas, contact me directly at 213-215-4758 or check out LApropertySolutions.com
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Jenny Durling
Broker Associate
L.A. Property Solutions
213-215-4758
info@LApropertySolutions.com
LApropertySolutions.com

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Renée Donohue~Home Photography

Savvy Home Pix - Allegan, MI

Western Michigan Real Estate Photographer

Silver Lake Real Estate Market Updates never looked so pretty!! I like how you include "looking for back up". We don't have that option in our MLS!

Sep 04, 2009 11:33 AM

Jenny Durling

L.A. Property Solutions - Los Angeles, CA

For Los Angeles real estate help 213-215-4758

Renee- Thanks so much for the great post on how to do the charts. All your comments about how much business market stats generate for you got me to finally put one together. Now I'll have to do them for other related areas I work. Thanks for the motivation to do it!

Sep 04, 2009 12:20 PM

Kevin Bacher

Prudential Calfornia Realty - Los Angeles, CA

I agree, Silver Lake inventory is low. Especially for the $800,000 and below category. At the end of the day, property is price driven and things sell fast when Buyers see value. The issue is getting the Sellers to accept reality and price at market. We can't take a time machine back to 2007 to find a buyer.

Oct 09, 2009 06:13 AM

Hi Kevin,

Apparently folks that don't really have to sell would rather hang in there a while than take less for their homes. Did you go on caravan this week? There are a couple of new listings that are so overpriced it was almost laughable! It would help if agents would stop "bying" the listing by letting the seller name their price. I predict so major reductions on these particular properties or for the sellers to take them off the market when they realize they are not worth nearly what they think.

Oct 09, 2009 07:28 AM

I thought the listing on Lucile while very stylish was way overpriced. $1.1 million for a one bedroom house with a detached bonus bedroom and more of a patio than a yard. As agents we always face that dilema - do we take a listing we know is probably overpriced or do we let someone else list it? It comes down to knowing if the Seller is going to sell no matter what. In that case, you just need to hang in there and let them experience the market. After a few months of no offers they reduce and it eventually sells. There are so few listings coming on so agents want to get as much business as they can. There are penty of agents out there that make a good living listing as much stuff as they can - as long as some of it sells they get paid. It's a numbers game.

Oct 12, 2009 04:58 AM

Hi Kevin, I think it's unfortunate that agents don't educate their sellers to what a realistic price really is. The 2nd bedroom could be put back in pretty easily, but even then it's too high. They paid in the 8's 2 years ago- why would they think it's worth 200K more now?! Perhaps it's an issue of an out of area agent- I think he's from Beverly HIlls. Are you in the Los Feliz offer? I'm surprised we havent' met!

Oct 12, 2009 07:05 AM

I'm from Pru Beverly Hills but I follow the Silver Lake market among others. I live near there. That agent does a fair amount of business in Silver Lake - mostly architectural stuff. I'm sure he'd rather have it at a lower price too but sometimes you have to let the seller get an education. Probably doesn't have much room in the price.

Oct 13, 2009 11:02 AM

Sometimes agents indicate they realize the price is wrong- this agent seems pretty confident. I guess time will tell what happens with the price. I predict it comes way down or the property comes off the market.

Oct 13, 2009 12:43 PM

Silver Lake Real Estate Market Update: August 2009

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