Home Value Changes By Neighborhood
2020 has been a wild ride in residential real estate. We have seen ups, downs, major jumps and a complete halt in transaction activity. The question on the minds of owners and those looking to sell real estate in Los Angeles is what is going on with prices.
I tap into the data stream to break down where the market is now and how it is sizing up along with any strategy insight that may be specific to those neighborhoods.
If you do not see your neighborhood data here, just contact me below and I will pull your numbers.
Baseline:
Data can tell a million tales depending on how you segment it out, for simplicity I am showing the same data parameters for each neighborhood so the only variance is the neighborhood itself.
Data Set:
Home Prices: $800,000 - $1,999,999
Type: Single Family Homes (no condo, no townhouse)
Years Built: All Years (1880 - 2020)
Sizes: All home sizes, all lot sizes, all numbers of bathrooms and bedrooms
ALTADENA
Average Sold Price Oct 2020: $1,111,000
Average Sold Price Oct 2019: $1,148,000 (down 3.2%)
Average Sold Price Oct 2015: $1,052,000 (up 5.6%)
Average Price Per Square Foot Oct 2020: $579.00
Average Price Per Square Foot Oct 2019: $537.00 (up 7.8%)
Average Price Per Square Foot Oct 2015: $418.00 (up 38.5%)
Days to Sell (DOM) Current: 20 Days to Sell
Overview: Inventory is tight in Altadena and the demand is strong. There are 35% fewer homes for sale. Despite the average sale price is lower this year, the average PPSF is way up. Great time to sell. Multiple offers will happen if you price right.
EAGLE ROCK
Average Sold Price Oct 2020: $1,101,000
Average Sold Price Oct 2019: $1.050,000 (up 4.9%)
Average Sold Price Oct 2015: $1,082,000 (up 1.8%)
Average Price Per Square Foot Oct 2020: $645.00
Average Price Per Square Foot Oct 2019: $556.00 (up 16%)
Average Price Per Square Foot Oct 2015: $543.00 (up 18.8%)
Days to Sell (DOM) Current: 32 Days to Sell
Overview: The centralized proximity of Eagle Rock makes it a more valuable PPSF than Altadena. However, it is taking longer to sell properties. DOM jumped from only 17 days in Sept ‘20. Sellers should be aware of not overpricing and strategically prep the home for sale.
HIGHLAND PARK
Average Sold Price Oct 2020: $1,093,000
Average Sold Price Oct 2019: $1,068,000 (up 2.3%)
Average Sold Price Oct 2015: $910,000 (up 20.1%)
Average Price Per Square Foot Oct 2020: $727.00
Average Price Per Square Foot Oct 2019: $659.00 (up 10.3%)
Average Price Per Square Foot Oct 2015: $375.00 (up 49%)
Days to Sell (DOM) Current: 34 Days to Sell
Overview: I was heavily promoting the value of Highland Park five years ago and now we can see why. Of the 33 homes for sale in HP in October 17 sold. You are going to need to justify the PPSF when selling.
LOS FELIZ
Average Sold Price Oct 2020: $1,405,000
Average Sold Price Oct 2019: $1,856,000 (down 24.3%)
Average Sold Price Oct 2015: $1,050.000 (up 26%)
Average Price Per Square Foot Oct 2020: $827.00
Average Price Per Square Foot Oct 2019: $636.00 (up 30%)
Average Price Per Square Foot Oct 2015: $650.00 (up 22%)
Days to Sell (DOM) Current: 29 Days to Sell
Overview: Los Feliz has very little turnover with only one recorded sale in Oct ‘20 and 9 houses for sale. Sept 20 DOM was 76 days and the October sale was 15% under list price. Overpricing in Los Feliz is something a seller should avoid if they want an expedient sale.
PASADENA
Average Sold Price Oct 2020: $1,248,000
Average Sold Price Oct 2019: $1,255,000 (down .6%)
Average Sold Price Oct 2015: $1,199,000 (up 4.1%)
Average Price Per Square Foot Oct 2020: $624.00
Average Price Per Square Foot Oct 2019: $578.00 (up 8%)
Average Price Per Square Foot Oct 2015: $536.00 (up 16.4%)
Days to Sell (DOM) Current: 29 Days to Sell
Overview: Pasadena continues to be the steady market it has always been. No wild swings here. The challenge for sellers in this market is competition, Pasadena saw 64 homes sell last month. Marketing will be key.
SOUTH PASADENA
Average Sold Price Oct 2020: $1,236,000
Average Sold Price Oct 2019: $1,301,000 (down 5%)
Average Sold Price Oct 2015: $1,371,000 (down 9.8%)
Average Price Per Square Foot Oct 2020: $737.00
Average Price Per Square Foot Oct 2019: $806.00 (down 8.6%)
Average Price Per Square Foot Oct 2015: $524.00 (up 40.6%)
Days to Sell (DOM) Current: 30 Days to Sell
Overview: Homes in the under $2M price point have been struggling for some time in this neighborhood. Six homes sold in October and they do generally sell for over list. I think it is a perception this, buyers feel they will be quickly outbid in this market due to the reputation of the area. Only two homes sold over $2M in October so I do believe the numbers are an accurate representation. Price a home for sale under value and market heavy.
SILVERLAKE
Average Sold Price Oct 2020: $1,282,000
Average Sold Price Oct 2019: $1,247,000 (up 2.8%)
Average Sold Price Oct 2015: $1,015,000 (up 26.3%)
Average Price Per Square Foot Oct 2020: $763.00
Average Price Per Square Foot Oct 2019: $716.00 (up 6.6%)
Average Price Per Square Foot Oct 2015: $589.00 (up 29.5%)
Days to Sell (DOM) Current: 55 Days to Sell
Overview: Days on market are high in Silverlake. 44 houses were for sale and 22 sold. Lots of competition and a market known to be overpriced is causing delays but sellers are reducing prices as homes are selling slightly over list price on average.
MOUNT WASHINGTON
Average Sold Price Oct 2020: $1,207,000
Average Sold Price Oct 2019: $1,042,000 (up 15.8%)
Average Sold Price Oct 2015: $927,000 (up 30.2%)
Average Price Per Square Foot Oct 2020: $700.00
Average Price Per Square Foot Oct 2019: $683.00 (up 2.5%)
Average Price Per Square Foot Oct 2015: $443.00 (up 58%)
Days to Sell (DOM) Current: 15 Days to Sell
Overview: Northeast LA (NELA) continues to outperform as it is the fastest market in this analysis. 11 of 16 homes for sale in October 20 sold. Such a low DOM proves that the buyer pool is large here, most homes received multiple offers. Sellers have negotiating power with buyers and will the agent they list with.
Recap
As you can see every neighborhood is different and analyzing on micro-level shows the nuance that applies specifically to your neighborhood. This is the data you need to know when preparing your home for sale. An educated seller will best position themselves for an expedient and profitable sale.
The basics of properly preparing ones home for sale and marketing around the challenges of a post-Covid real estate world will be key to making the sale. While there may be an ample buyer pool, buyers have a lot of caution on the brain. Use an agent that can properly market locally and knows the region. Now is not the time to hire your cousin that just got his license.
If you would like to have an in-depth conversation about preparing your home for sale, pricing strategy, and marketing, please fill out the form below.
Michael Robleto
REALTOR®-Compass Real Estate
213-595-4720
Michael Robleto is a Los Angeles based REALTOR® that specializes in Historic Pre-War residential properties and those with architectural merit in Pasadena, Los Feliz, SIlverlake, Eagle Rock, and Mount Washington. Michael uses his vast knowledge of historic homes, residential construction, and modern-day marketing to predict and solve the many problems that arise in real estate transactions. His client accolades of insight, prompt communication, integrity, and hard work support the fact that he is not your average agent.
Michael leverages his personal passion for historic architecture to provide his clients with the unknown insight into the pros and cons of older homes. Michael, the son of a contractor, a California native, grew up in an older Bungalow home and has spent 23 years in Southern California admiring the unique architecture of the region. Michael brings 20+ years of negotiation and sales experience to his seven-year career in residential real estate. He often writes on homeownership strategy, historic residential architecture, and related topics that can be found on Facebook, YouTube, Twitter, and Instagram under the common profile name of his blog; BungalowAgent.
Michael is a committee member and frequent volunteer for the preservation efforts of Pasadena Heritage and the LA Conservancy. When not working you can find Michael on hiking trails statewide with his faithful German Shepherd Axel.
