[REAL ESTATE] Hancock Park’s 90004 Sees Jump in Sales, Decrease in Price

Southern California real estate sales in June 2017 were up 8.5% from May and 4.3% from the same time last year to a total of 25,515 homes or condos sold, according to data from Core Logic, a real estate analysis firm out of La Jolla, CA.

The median price paid for Southern California homes in June was $500,000, the highest it’s been since August 2007, when it was also $500,000.

“Despite a tight inventory, especially in the lower price ranges, Southern California managed to post its highest June home sales in 11 years,” said Andrew LePage, research analyst with CoreLogic. “This suggests the region is burning through its limited supply quickly, and without a surge in new inventory it might be difficult to hold the pace. June’s roughly 4 percent year- over-year gain in total sales stemmed mainly from $500,000-plus deals, which saw a nearly 18 percent gain, while sales of sub-$500,000 homes dipped 6 percent.”

Even once-affordable regions have hit new price highs, according to LePage.

“Southern California’s most affordable county, San Bernardino, logged the region’s highest year-over-year gain—12.3 percent—in its median sale price, while the medians in Los Angeles and San Diego counties hit new all-time highs and Orange County matched the peak it reached this May,” said LePage

Locally, there were 77 single-family homes and 30 condos sold in our coverage area this June.

Hancock Park’s 90004 ZIP coade boasted the month’s highest local sales, with 42 homes sold in the 90004 ZIP code—more than double the number sold there in May. The median price for the area, however, was down a whopping 70% from the same time last year to $549,000. The same area had 13 condo sales for a median price of $675,000, down about half a percent from the previous year.

Meanwhile, 20 homes sold in Lafayette Square’s 90019 ZIP code, at a median price of $1.224 million, up nearly 60% from June 2016. One condo sold in the area for $438,000, about 17% than last year’s median condo price for the 90019 ZIP.

La Brea-Wilshire saw 15 single-family home sales in June. The 90036 ZIP code saw a decrease in median price of just under a percent from last June to $1.565 million. Six condos sold in the area for a median price of $550,000—a nearly 40% jump in median condo price for the neighborhood from the previous year.

No homes sold this June in Hancock Park’s 90020 ZIP code, though 10 condos sold. Those went for a median price of $478,000, nearly 20% lower than last year’s median for the same area.

 

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