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Century City Condos Market Report | 1st Quarter 2012

By
Real Estate Broker/Owner with Home Jane Realty BRE# 01439865

How is the Century City condo market faring?  Let’s see how the 1st Qtr of 2012 compares with the same period in 2011.

Century City

Number sold:  22, a 29.41% increase over the same period last year.

Median Price:  $738,700, a 26.27% increase over the same period last year.

There are 76 active listings and with an average sale of 7.33 per month over the past 3 months the absorption rate is 10.37.  This means it will take that long to sell the existing inventory based on the previous average.

A balanced market is a six months absorption rate.  Anything more points to a buyers’ market.

The Century is a factor in these figures, the MLS shows 23 of the units in this building, some of which are shown as having been on the market for almost 2 years.  If we take out The Century, the absorption rate is 8.85 months.  A little better, but still a buyers’ market.

However, the median price and number of sales is up.  It will be interesting to see what happens in the next Quarter of 2012.

Century City Condos for Sale

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Read more: http://www.homejane.com/century-city-condos-market-report-1st-quarter-2012.html#ixzz1sPji4fFx

Comments (12)

Gina Tufano
Ask Gina & Company with Pearson Smith Realty - Sterling, VA
Ask Gina & Company, Northern Virginia Real Estate

Thanks for posting, I always enjoy comparing other markets to ours.  All the best ~

 

Gina

Apr 18, 2012 03:35 AM
Jane Peters
Home Jane Realty - Los Angeles, CA
Los Angeles real estate concierge services

Gina, thank you.  It is good to see what is going on in other communities.

Apr 18, 2012 03:48 AM
Juli Vosmik
Dominion Fine Properties - Scottsdale, AZ
Scottsdale/Cave Creek, AZ real estate 480-710-0739

Jane Peters, you know your Los Angeles real estate market so well.  I like the way you can take the statistics and analyze how your Los Angeles home sales are going.  And, you know so many individuals neighborhoods within your Los Angeles real estate market.  I KNOW I would use Jane Peters Realtor® if I was moving to Los Angeles.

Apr 18, 2012 01:02 PM
Jane Peters
Home Jane Realty - Los Angeles, CA
Los Angeles real estate concierge services

Juli,  too kind, Juli.

Apr 18, 2012 01:09 PM
Sun City Grand Homes Surprise AZ Real Estate Leolinda Bowers Designated Broker Leolinda Realty
Leolinda Realty - Surprise, AZ
Sun City Grand in Surprise Arizona

Excellent news! The increase in the number of homes sold and the increase in sales price increase leads one to believe that sellers are not cowering to buyers who want to steal a property. After all sellers want to sell, not take a bath.

Apr 18, 2012 03:30 PM
Jane Peters
Home Jane Realty - Los Angeles, CA
Los Angeles real estate concierge services

Leolinda,  methinks that is one of the reasons sellers don't want to put their homes on the market.  Although now is the time.

Apr 18, 2012 03:33 PM
Scott Hayes
(512) 786-8300 - Austin, TX
Realty Austin, Broker Associate

Jane,

 

I was working with an agent who recently relocated from Los Angeles, and said your market is really heating up, with a growing percentage of sales, being cash deals. Nice to see things are heating up

Apr 19, 2012 01:00 AM
Jane Peters
Home Jane Realty - Los Angeles, CA
Los Angeles real estate concierge services

Scott,  I know. I have never seen so many cash deals.

Apr 19, 2012 03:15 AM
Michelle Gibson
Hansen Real Estate Group Inc. - Wellington, FL
REALTOR

Jane - WOW, that is a HUGE increase in sales for Century City Condos.

Apr 19, 2012 03:54 AM
Jane Peters
Home Jane Realty - Los Angeles, CA
Los Angeles real estate concierge services

Michelle,  it is indeed.

Apr 19, 2012 04:44 AM
Broker Patty Da Silva Da Silva
Green Realty Properties® - 954-667-7253 - Cooper City, FL
Top Listing Broker

Interesting to see tha both prices and number of properties sold went up in Century City. Good sign for sellers. Great Job Jane.

Apr 20, 2012 08:13 AM
Jane Peters
Home Jane Realty - Los Angeles, CA
Los Angeles real estate concierge services

Patty,  L.A. pretty much leans towards sellers in the moderate market.

Apr 20, 2012 08:16 AM