Century City Condominium Market Report for March 2011
As most of you know who read my Blog regularly, I monitor and report on Three Beach Communities' Condominium Markets. They all were very busy during the month of March. So I am very interested how this Micro Market did for the month of 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 291 Active Condominium listings in Century City compared to the previous month's 271, which is a large increase from the previous month.
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.
There were 22 properties accepting Backup Offers compared to the previous month of 31 properties. This is a substantial decrease. There were 23 Pending compared to the previous month's number of 38 .
Do not put too much stock into that number, 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. For the month of March there were 38 closed transactions compared to the previous month of 26. 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.
So with that said the Century City Condominium market fared very similar to the Beach communities of Marina Del Rey, Playa Del Rey and Playa Vista. All four areas have show a substantial increase in SOLD transactions.
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 Organisations.
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