Here we are the Century City, CA Condominium Market Report a bit late, nevertheless still interesting. I find it always interesting when you talk to people who like to generalize how the real estate market is, based on their feelings, emotions or what they have heard in
The Active listings have decreased by about five from last month. In the big picture that is negligible when you see that there are currently 309 Condominiums on the Market.
The ones that are in Escrow and have not removed their contingencies are identical to the month before. There are 34 accepting Backup Offers.
Now what I find very telling is there has been a huge increase in the Pending. These are the ones that the buyers have removed all their contingencies and are waiting to close Escrow. These will be September's Closed Transactions a very large increase of 7.6% over the previous month. That is there are 56 properties that are waiting to close.
The closed transactions over the previous month are almost identical. There were 32 Actual Sales for the month of August.
These are very interesting numbers. The buyers are out there and are rushing to close Escrow, before the Tax incentive disappears.(November 30th) I am very much amazed with all this activity, in spite of Appraisers slowing down the Sales Process as well as Mortgage lenders.
So in conclusion I am very optimistic that we will continue to have a robust summer into the Fall Real Estate Season.
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 EndreBarath@TheMLS.Com or visit one of my websites at http://www.endrebarath.com
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