Our Q2-2018 Market Climate Map: Sales Volume for Condos & Co-Op is here!
Here are the 5 highest areas of growth this time around:
1. Cypress Park (7 listings sold, 660% increase)
This area grew from $715k in sales volume in Q2-2017 to $5.4 million in Q2-2018. Cypress Park is nestled snugly between the Los Angeles River on the west and hills to the northeast and south. The numbers in Cypress Park give us a slightly better idea of how the market is trending. Cypress Park seems to be benefiting from the increased investment in the area.
2. Malibu Beach (2 listings sold, 122% increase)
Malibu Beach has grown from $2.4 million in sales in Q2-2018 to $5.4 million in Q2-2018. Malibu is west of Los Angeles, California. It is known for its celebrity homes and beaches, including wide and sandy Zuma Beach. It’s no surprise that homes in this coveted neighborhood are highly desirable.
3. Highland Park (10 listings sold, 34% increase)
The Highland Park real estate market is rapidly growing. It definitely earned its place on this list, growing from $2 .8 million in sales volume in Q2-2017 to $5.6 million in Q2-2018. Highland Park stands out in the Northeast region of Los Angeles which is on a sharp upward trajectory for home sales.
4. Lincoln Heights (7 listings sold, 83% increase)
Lincoln Heights is considered to be the oldest neighborhood in Los Angeles, California, outside of Downtown, Los Angeles. What makes the neighborhood interesting is the variety of architectural buildings. It’s a mix of Victorian, art deco, and modern. It is that eclectic mix of building styles that makes it unique. Lincoln Heights definitely earned its place on this list, growing from $1.6 million in sales volume in Q2-2017 to $3.1 million in Q2-2018.
5. Silver Lake-Echo Park (38 listings sold, 53% increase)
Silver Lake is an Eastside neighborhood that is recognized for fully embracing the hipster lifestyle, which is having a positive effect on the neighborhood. Silver Lake-Echo Park went from $21.5 million in sales volume in Q2-2017 to $32.5 million in Q2-2018. Silver Lake is home to indie stores, funky graffiti art, and a grungy feel. With its popularity and rising real estate prices, Silver Lake is also welcoming the start of high-end stores in the neighborhood.
Fun Fact: Echo Park is still one of the only places in Los Angeles where $2 can provide all-day parking near music venues like The Echo, where L.A.’s best indie bands perform on a nightly basis.
Here is the full breakdown: