Silver Lake Real Estate

With the end of the $8000 Federal Tax Credit the media has been bombarding us with more negative news about the housing market and the “housing crisis”. The most important thing to remember is that real estate is local. The rest of the country may or may not be in a housing crisis but here in Silver Lake, things are actually looking pretty okay.

Let’s look at closed sales from 6/1/10 to 7/1/10 only in the 90039 zip code part of Silver Lake, not including parts of Echo Park, Atwater and Frogtown. Of the 7 homes sold, only 1 property did not sell for at or above the seller’s asking price. In fact, these homes sold for an average of 3.26% over the asking price.

What does this actually mean? This means that in this current market, inventory is low and the demand for homes in this neighborhood exceeds the supply of inventory, creating a Seller’s market.

Does this mean that Silver Lake has hit rock bottom in the real estate market? Who knows? Not even the smartest economists in the world have a clue with what’s going on in our real estate market. Signs are starting to point in the right direction.

Buyers and Sellers, what are your thoughts?  Has Silver Lake finally hit the bottom of the real estate market?

2503 Silver Lake Terrace
List Price: $1,377,000
Selling Price: $1,400,000

2203 Brier Ave
List Price: $699,000
Selling Price: $740,000

2440 Armstrong Ave
List Price: $850,000
Selling Price: $791,500