Submarket Snapshot: Homes in Echo Park and Silver Lake in Q1 2016

Los Angeles Mayor Eric Garcetti and his wife, Amy Wakeland, recently sold their Echo Park home for $1.71 million, $55,000 over the asking price.

The transaction was factored into a recent report by the Agency on homes in Echo Park and Silver Lake that sold in the first quarter of the year for more than $1 million. The report found that prices in the Northeast L.A. neighborhoods very slightly increased from the previous quarter. 

Of the sales over $1 million, the average price in the first quarter was $1.33 million, a 1.3 percent increase from the previous quarter and a 0.2 percent increase from the first quarter of 2015.

The median price, however, fell 1.3 percent from the previous quarter and 6.8 percent from the same period last year, to $1.19 million.

The average price per square foot rose 6.1 percent from the previous quarter to $622. However, it was still 5.3 percent lower than the Q1 2015 figure.

There were 34 homes that traded hands for more than $1 million in the first quarter, compared to 29 homes in the previous quarter and 16 homes in Q1 2015.

The residences spent an average of 85 days on the market. Their waiting time increased by 21.1 percent from the previous quarter.