By Allison Ferraro
Southern California?s housing market started 2013 with the highest January home sales in six years as sales to investors and cash buyers hovered near record levels and move-up activity remained relatively brisk, according to DataQuick a real estate reporting firm out of La Jolla, California.
The median price paid for a Southland home dipped slightly from December, as it normally does, but jumped 23.5% above the year-ago level.
?This fledgling housing recovery has momentum. Already, price hikes have caused some to question whether it?s sustainable, whether it?s a ?bubble,?? said John Walsh, DataQuick president.
Locally, in the Echo Park area (zip code 90026) the median price for a home rose 17.5% compared to the same time last year. A total of 14 homes were sold in January at a median price of $620,000. Data were not available for condo sales in this area.
However, in the Los Feliz area (zip code 90027) the median home price in January fell 21% compared to last year. Fourteen homes sold in Los Feliz in January at a median price of $838,000. The median price for a condo in Los Feliz also fell in January, down 32% to a median price of $305,000. In all, only two condos sold in Los Feliz in January.
In the Silver Lake area (zip code 90039) the median home price rose 13% to $582,000 in January, compared to last year. Data were not available for condo sales in this area.
Similar to Los Feliz, the median home price in the Hollywood Hills area (90036) fell 24% in January, compared to last year. A total of 15 single-family residences sold in Silver Lake in January at a median price of $630,000. The median price for condos in the Hollywood Hills area also declined, compared to last year, 23%, to a price of $311,000.
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