Market Update for Eagle Rock 90041 and Highland Park February 22, 2010

These numbers indicate an active market where, in general, almost as many properties are selling as fast as there are properties coming onto the market.

Today we have 27 single-family homes, 1 condo, and 5 income properties on the market in the 90041 zip code, ranging in price from $249,500 to $1,395,000. Since January 1, we have had 26 SFR, 0 condo, and 4 income properties either go into or close escrow ranging in price from $339,000 to $699,000.
In Highland Park and the 90042 zip code we have 54 active single-family home, 35 condo and 31 income property listings ranging from $129,999 to $1,590,000. Since January 1, we have had 54 SFR, 9 condo and 8 income properties either go into or close escrow, ranging from $145,000 to $599,000.
These numbers indicate an active market where, in general, almost as many properties are selling as fast as there are properties coming onto the market. According to TrendGraphics from Itech Multiple Listing Service, the prices in Eagle Rock have trended up a bit over the last year and in Highland Park they have continued to decline. In my opinion, this is because there were more distress (foreclosure and short) sales in Highland Park than in Eagle Rock. If you look at individual sales, you will see that for good homes in good neighborhoods, there were many cases of multiple offers and houses that sold for over-asking in both communities.

Notice on the tables below the percentage of list price/sales price. In Eagle Rock the median sales price was a little higher than the list, in Highland Park it was right at or below the list price. This supports the old saying, when it’s priced right, it sells. Also notice how the number of homes for sale on the market has dropped dramatically in both zip codes. Supply and demand is at work here.
What does this mean? First time buyers in the under $450,000 range have a very short window of opportunity to get into the market. It is very difficult to get into Eagle Rock in that price range and much easier to buy in Highland Park. With the first-time and long-time buyer credit deadline of April 30, this is a great time to put your home on the market—if you can accept what the market brings you. No, we are not back to 2007 prices. Will we ever be? Eventually, probably, but who knows how many years it might be. In general, at the current rate of increase, it will be quite a few years. Individual homes will vary.

If you need to sell your house in the next few months, that is, you are financially in a situation where you are afraid you might not be able to make your mortgage payments soon, don't wait any longer before talking to professionals about your options. That means talk to your lender, your family, find out the truth about your situation. If you are wondering whether the best thing is for you to sell the house, please give me a call. I'm happy to meet with you, direct you to the appropriate professional to help, or at least to help you explore your options.
Eagle Rock:



Highland Park: