Redfin, a popular home search engine, recently surveyed which neighborhoods or cities will be the most up-and-coming in 2013. To come up with the top neighborhoods in each market, they evaluated how each market was trending at the end of 2012 in four categories: on-market listings, sales volume, median price per square foot, and list price to sales price ratio. The areas with the most consistent trends in each category were labeled the “hottest in 2013.”
Well, what do you know? Highland Park, CA and Eagle Rock, CA are in the top 5 hottest neighborhoods, with Glassell Park, CA not too far behind! Of course WE know these are fantastic neighborhoods, but it’s always great to see recognition on a wider level. With great schools, or schools rapidly improving, lots of new businesses moving in and re-energizing the area, and convenient commutes, our neighborhoods are providing great communities for new buyers to settle down in.
Why did three of Northeast LA’s great ‘hoods get picked? According to Redfin, “The hottest neighborhoods are all seeing shrinking selection, increasing sales, and increasing prices—often at rates far above the metro areas that contain them.
Year-over-year trend in listings, sales, and median price per square foot as of December 2012
In our own experience, we are seeing multiple offers on most of our listings, often within a few days of bringing a home on the market. Most recently, our listing at 217 Newland Street in Highland Park received 13 offers within 6 days of being on the Multiple Listing Service, going into escrow with a sales price much higher than the list price of $299,000.
What’s causing this flurry of activity? Incredibly low inventory (Highland Park has been averaging 38 single family homes for sale, compared with 85 at the beginning of 2012), interest rates continuing to be at record lows, and an incredible amount of well-qualified buyers in the marketplace.
If you have been thinking of making a move, this is the best time in the Northeast Los Angeles real estate market last five years. We have seen sellers be pleasantly surprised at what their homes are selling for.