The Marina Del Rey Condominium Market Report for March, 2011
As you know I live in Marina Del Rey, I live and blog about the virtues and benefits of living here. I have lived all over the world and this is one of my favorite places. So without being partial let's look at the Market results for March.
As I mentioned last month that Credit has loosened up a bit and consumer confidence is on the road to recovery. Keep in mind it is still a very fragile confidence and as long as there are factors which create fear, these factors can derail this recovery. Some of these are the Middle East, the after effects of the Japanese Tsunami and I could go on and on. Although I mentioned that existing home sales have improved due to Lenders loosening up the Credit a bit, keep in mind that over 30% of all sales are still "All Cash" transactions. That is a classic tell tale sign that that the mortgage market has not recovered yet. This in turn affects existing home sales by fewer Loan Approvals and more Stringent Underwriting requirements.
So with that said let's look at the actual numbers and see how they compare to February of this year.
There are 143 Active Condominium listings in Marina Del Rey compared to the previous month's 146,
By now my regular readers will say that I will mention how important it is to have a good inventory. The larger the selection is, the larger the sales numbers will be, if buyers have a good selection of homes to pick from, than they can make intelligent decisions. At the same time it will keep the List Price and Sold Price at a reasonable level. Sellers will not have unrealistic expectations and buyers and sellers can negotiate a fair price for both parties. As you can see these numbers are almost identical.
There were 11 properties accepting Backup Offers compared to the previous month of 25 properties. This is a huge difference I am very interested to see what next month will bring us. There were only 11 Pending compared to the previous month's number of 30. These numbers are a huge difference from the previous month.
Do not put too much stock into these numbers, because April is just beginning and we could get a large volume of Pending in the next three and a half weeks.
The True Tell Tale number is always the SOLD. That is actual closed transactions. Well I am happy to report that for the month of March there were 29 closed transactions compared to the previous month of 21. So if this trend continues to improve ultimately this will help the bigger picture of Economic Recovery. I will look forward to the continuation of this positive trend.
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
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