Century City, CA Condominium Market Report for July 2010

As we reflect on how the Real Estate Condominium Market Activity fared for the month of July, in Century City, CA; I am noticing a universal trend in the markets which I watch very closely. The inventory is increasing and the number of properties which are in Escrow decreasing.

This is partially due to the Tax Credit being eliminated as well as we are in the middle of summer and people are not as focused on buying homes at the moment.

Now with that said, let us look at the actual numbers.  There were 302 Active Condominiums listed in Century City/Westwood CA. in comparison to the previous month this is an increase of about 9.1per cent. As I mentioned previously I find this a good phenomenon, since this will keep sellers realistic in their pricing and give choices to buyers, which is the foundation of healthy real estate market.

Currently there are 27 properties in Escrow which consist of 12 properties where the buyers have not removed their contingencies and 5 are on hold (classic sign of a Short sale) and 10 are solidly pending waiting for the closing date. Compared to the previous month of 55 properties being in Escrow, this is a drop of 49 percent, still above the national average of 75% drop.

During the month of July there were 30 Sales this is a decrease from 36 the previous month. This is a modest drop of 8.3%.

Overall I see that buyers are out and they see that the value is there and the interest rates combined with affordability make it an ideal time to buy a Condominium in the Century City/Westwood area.

If you are a consumer  who is considering buying  or selling  a home, investment real estate, vacation homes, or beach properties in Southern California, Los Angeles, Century City, Westwood, West Hollywood, Beverly Hills, Culver City, Marina Del Rey, Venice or Malibu. Feel Free to give me a call at 310.486.1002 (USA) or email me at homes@endrebarath.com  or visit one of my websites at http://www.endrebarath.com  Your Pet Friendly Realtor. I contribute a portion of My commission to Local Animal Rescue Organizations.