Downtown L.A., the birthplace of Los Angeles, is home to a bustling business district replete with everything from massive skyscrapers to alleys full of tiny stores and markets to the wholesale produce district. It houses cultural centers such as the gorgeous Music Center complex, the Disney Concert Hall, and the Museum of Contemporary Art. Chinatown, Little Tokyo, and Olvera Street are ethnic communities that are just some of the many and diverse multi-cultural areas that comprise Downtown Los Angeles.
There are not many single family homes in Downtown Los Angeles, so, in May 2011, only 5 single family homes were sold, with a total dollar sales volume of $776,900. The median sale price for the home sales, which ranged from $105,000 to $265,000, was $147,000, with the average list price being $153,920. The homes that sold were on the market an average of only 20 days, and the average sold price to list price ratio is 100.9%, indicating that on average, homes in the area sold above list price.
