NORTH PARK — Single-family home prices in North Park have rebounded significantly in the past three years, but still haven't reached pre-recession levels, local real estate agents shared at a recent meeting of the Hollywood North Park Community Association.
"You are seeing a market in its correction phase," said Carmen Rodriguez, who presented an annual real estate update with her husband, Tony Rodriguez.
"We are not at the height of 2007-2008, and that's a good thing," she said.
The "crazy" growth that led to the housing market collapse wasn't sustainable, Rodriguez said, whereas current trends seem to indicate greater stability.
The worst appears to be behind North Park, with single-family home sales jumping from a median price of $240,000 in 2013 to $340,000 currently, according to data provided by the Rodriguezes, agents with Coldwell Banker.
More importantly, other key housing indicators are moving in a positive direction: Foreclosures in the neighborhood, which peaked in 2010 with a dozen homes, have now trailed off to fewer than two.
Back in 2009, houses in North Park were on the market for an average of 1½ years before selling, a figure that now fluctuates between three and five months.
The couple provided a summary of North Park single-family home sales in 2015: 87 houses switched hands after spending an average of 71 days on the market, with a median sale price of $325,000 — the lowest sale was $175,000 and the highest was $838,500.
To date in 2016, there have been 19 single-family home sales in North Park, with another 25 under contract. The median sale price has jumped to $365,000 but sellers are having to be more patient, with time on market averaging 118 days.
The neighborhood has thus far managed to avoid the teardown frenzy that's gripped communities such as North Center and Albany Park, Tony Rodriguez said.
The difference has been North Park's preponderance of brick homes, which buyers/developers tend to rehab rather than demolish, he said.
One potential speed bump on real estate's road to recovery: the upcoming presidential election.
According to Rodriguez, sales tend to slump as Americans prepare to hit the polls.
Why?
All that negative campaign rhetoric — each candidate painting a picture of the country headed for calamity — tends to erode consumer confidence, he said.
For more neighborhood news, listen to DNAinfo Radio here:
