Los Feliz is a vibrant and diverse community located east of Hollywood Hills, and situated under the historical Griffith Park at the foot of the Santa Monica Mountains. Los Feliz is a walkable neighborhood with a trendy business district, and access to one of the largest urban parks in the United States. Read below for May 2016 market data information on Los Feliz real estate.
As of May 2016, the average price for a home in the zip code of 90027 was $1,422,900. This is a decrease of 4 percent from the May 2015 average price of $1,488,389. However, between May 2014 to May 2015, there was a 29 percent increase and the average price of a Los Feliz home went from $1,150,542 to $1,488,389. The highest number of sales ever recorded by WEA’s June Marketing report occurred in May of this year. There were 15 sales in May 2016, 9 in May 2015, 12 in May 2014, and 5 in 2010. The Los Angeles Times reported that renters occupied 75.5 percent of the housing stock, with owners occupying the rest.
The mansions that dot the hillside south of the Santa Monica Mountains are being sold for well over the $2,000,000 mark. Homes on the flatter land at the base of the hills can be found around $1,500,000 or less, although these deals are becoming harder and harder to find. HouseHunt.com reports that the average time a Los Feliz home stays on the market is just 22 days (Source). For the month of May, it certainly looked like a seller’s market, although the difference between listing prices and closing prices caused a majority of homes to remain on the market for longer than expected.
Redfin.com reports that the number of homes for sale has decreased 6.6 percent (Source). Malibu realtors and Beverly Hills real estate agents that choose to work in the quaint and charming neighborhood of Los Feliz note that, as usual, Los Angeles real estate demand exceeds supply. The trend is likely to continue, especially as the amount of new residents continues to outpace the number of new homes developed and the number of listings placed on the market.
