By Jeffery Marino
The median sale price for a home in Northeast Los Angeles hit $1 million in May, the latest month with comprehensive data. Prices were driven up by a frantic pace of sales in a market that is short on supply and long on demand.
The $1 million median price tag — a 17% increase from a year ago — factors in prices for single family homes, townhouses and condos. Median days on market in May was 34, compared to 41 days in the pandemic-challenged market of May 2020 and 38 days in the strong market of May 2019. On average, buyers paid 8% over the asking price in May, a record high premium in data going back to 2012.
Competition among buyers is fierce because housing inventory is chronically low. In much of 2020, inventory was depressed because homeowners were reluctant to put their houses up for sale during the pandemic. That reluctance began to ease up late last year, but inventory has remained depressed because buyers are snatching up homes as fast as they can.
The result is ever higher prices. In May, the neighborhoods that propelled the overall median price in NELA to $1 million were Atwater Village and Mount Washington (where the median price was $1.2 million); Eagle Rock (with a median price of $1.1 million) and Glassell Park (with a median price of $1.0). In other neighborhoods tracked by the Boulevard Sentinel, the median prices were under $1 million, including Highland Park ($980,000); Cypress Park ($800,000); El Sereno ($729,000) and Montecito Heights ($666,000).
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Jeffery is a seasoned data journalist and has covered the California real estate market for over a decade.