By Jeffery Marino
As 2020 gave way to 2021, homebuyers continued to compete fiercely to own a home in Northeast Los Angeles.
The median sale price in NELA hit $925,000 in January, a 6% increase year-over-year, according to the latest available data.
The sale-to-list ratio, which compares the sale price to the asking price — was 104%, up 1.3 points from a year ago and the highest sale-to-list ratio on record in the month of January in data going back to 2013.
The median days on market in January was 43, compared to 48 days a year ago.
Fall and winter are usually weaker seasons for home sales, with spring and summer comparatively strong.
But this past year has been different. For several months after the pandemic struck last spring, many potential home sellers delayed putting their homes on the market. Those delays restricted supply, even as demand for homes remained strong. The result: When sellers began to list their properties in the fall, buyers pounced.
And they have not stopped pouncing. In January, 335 homes were sold in NELA. That’s more than in any other January since 2014.
As the economy returns to normal, the market for residential real estate is likely to return to its more typical seasonal selling and buying. But in hot markets like NELA, demand is also likely to continue to outstrip supply, a classic formula for rising prices.