Century City/Westwood, CA Condominium Market Report for August, 2010
The strength of the Real Estate Market is a great deal affected by the overall confidence of the consumer as well as the news they are inundated with via the news and now the internet. There are trends that must be looked at and noted in the decision making process whether to buy or sell.
So here we are the month of September has started. Now let us look at how the Condominium Market fared for the month of August in Century City/Westwood. As I blogged last month that we need to watch the trends, I would like to add not only do we need to watch it nationally but more importantly locally.
I have noticed that in the past four months the listing inventory has been spiraling up. Four months ago we had 277 Active listings, and then we went to 293, then 302. Well for the month of August we are at 317 active listings on the market.
Properties on Hold are hovering about the same 4/4/4 and for August the count is at 5. This is an indication of how many short sales there are in Escrow. For the volume of activity this is a small amount. Nevertheless these numbers need to be monitored as well.
Accepting Backup offers for the month of August was at 19 which is an increase of 7 over the previous month. Pending properties had the largest increase from the previous month from 10 to 48. This immediately tells me that there were lending issues, appraisal issues taking place during the month of August.
So not surprisingly the Sold for the month of August dropped to 19 from the previous month's number of 30. I anticipate an increase for the month of September. Hopefully the media will look at these numbers and not make a headline of "huge drop in sales for the month of August" rather look at the pending properties.
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.
Comments(0)