By Jeffery Marino
The median sale price for a home in Northeast Los Angeles is closing in fast on $1 million. In April, the latest month with comprehensive sales data, the median sale price in NELA was $974,000, an annual increase of 14% and the third straight month of year-over-year, double-digit price growth.
Not surprisingly, new listings flooded the market in April as home sellers continued to cash in on the frenzy. But even with new listings up by 42% over last year, demand to buy a home in NELA has kept outstripping the supply of homes for sale. Home sales volume in NELA hit a record in April (in data going back to 2012), up 56% compared to last year. Moreover, nearly all of the homes listed for sale in April were off the market in 30 days.
The upshot: The inventory of homes for sale in NELA remains in relatively short supply and as long as that’s the case, competition and high sales prices are in store.
Speaking of competition, the sale-to-list ratio for homes that sold in NELA in April was a record 107%, which means homes sold for 7% over the asking price on average. For a look at the NELA homes that went for the highest premiums over ask in April, check this out,
Please support the Boulevard Sentinel’s local journalism.