The Century City Condominium Market Report for the month of June 2011
The month of June was very active for me, many listing appointments, and a lot of viewing of my listings. Hence I am a bit late with my Market Report. As most of you who read my Market Reports consistently will notice that my focus is always on the Trends.
I have been reading a great deal about higher interest rates being on the horizon. This is based on the premise that, the Federal Reserve's second round of quantitative easing (QE2 that it is referred to) has ended with the close of the month of June. The withdrawal of this support will leave the economy to stand on its own without any stimulus. Hence this could drive up Treasury rates. Hence this will potentially drive up interest rates.
Based on this major indicator I looking forward to find out, if this event pushed many fence sitting buyers off the proverbial fence. The fear of rate increase for getting a home loan should have pushed the fence sitters off.
Now with that said, let us look at how the Condominium Activity in Playa Del Rey, CA fared for the month of June.
The Active listings have had a slight decrease over the previous month. There were 284 Active Condominium Listings on the Market. There were 37 properties accepting Backup Offers. This was a huge increase over the previous month. The Pending properties had an equally large increase there were 32 properties pending as well. There was an increase in the number of properties on hold as well. There were 6 properties on hold status. The most important indicator was almost identical to the previous month. The sold properties had an increase over the previous month as well. There were 32 properties that were sold in Century City, CA for the month of June. Now day's lenders are taking more time before they are prepared to fund. I have noticed an increase in last minute double checking of the borrower's work and credit worthiness. Hence I suspect there would have been more sales had it not been for the more stringent reviews by lenders.
So if you would like to check out the previous months sales statistics please click on the enclosed links.
http://actvra.in/K6 (Published in January 2011)
http://actvra.in/52T (Published in February 2011)
http://actvra.in/6gq (Published in March 2011)
http://actvra.in/82D (Published in April 2011)
http://actvra.in/9kc (Published in May 2011)
http://actvra.in/c4G (Published in June 2011)
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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