Century City Condominium Market Report for December 2010

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Real Estate Agent with Berkshire Hathaway HomeServices 01238708
https://activerain.com/droplet/K6

Century City Condominium Market Report for December 2010. It was an interesting year some areas did poorly others did well. So let us see how Century City fared.

There were 240 Active Condominiums on the Market for the month of December 2010. This was a 3% drop over the December 2009 numbers. Not significant but worth monitoring what the trend will be for the next few months.

Supply is down 3 per cent and Demand is up 2 per cent. That is a very interesting number. This is a small increase in the confidence of buyers another number we should watch closely in the next few months to see if this trend continues.

 An important statistic is the Days on Market. 83 per cent increase in Days on Market tells us that it takes longer to sell a Property; hence correct pricing is critical otherwise the Property that is overpriced helps the other ones sell faster.

 There were 13 Properties in Escrow that are still accepting Backup Offers and 6 properties are in solid Escrow just waiting to Close. This Under Contract figure is increased by 33% over the December 2009 figures. This is a good indication that the first few months of 2011 will be in better shape compared to the beginning of 2010.

The Median Sold Price decreased by 9% which is an indication of the Affordability. This is a good sign that more people will be able to afford to buy a Condominium in Century City/Westwood area.

There were 46 Condominiums which sold for the month of December this is a 2% increase over December 2009.This is also a positive indicator, hence we are heading into the Winter Selling Cycle with a small but positive momentum.

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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Rainmaker
516,433
Russell Lewis
Realty Austin, Austin Texas Real Estate - Austin, TX
Broker,CLHMS,GRI

Hi Endre, just dropped by to see how you were doing! I've been out of pocket over the holidays and just wanted to check in. I hope all is well after your trip!

Jan 08, 2011 01:05 PM #1
Rainmaker
232,679
Ken Barker Realtor® GRI, E-Pro Certified
Dilbeck Real Estate - Burbank, CA

Endre - Century City appears to have more short sales based on the DOM? And it looks like a perfect time to buy.

Jan 08, 2011 01:11 PM #2
Rainmaker
3,177,277
Endre Barath, Jr.
Berkshire Hathaway HomeServices - Beverly Hills, CA
Realtor - Los Angeles Home Sales 310.486.1002

Russell- Thank you for stopping by, it is day by day, luckily this is a business where you can immerse yourself and not leave much time for other things, which is great therapy for me right now......

Ken- interesting observation, I am not sure I will have to go back and look at the Short Sales and take them out to see if the difference is significant. I was just attributing it to fewer buyers and more inventory hence the increase in time to sell. Now I will have to revisit.

Jan 08, 2011 01:17 PM #3
Rainmaker
820,770
Juli Vosmik
Dominion Fine Properties - Scottsdale, AZ
Scottsdale/Cave Creek, AZ real estate 480-710-0739

83% increase in DOM - what was it before?  However, I have to say that the last 3 million (so it seems) BPO's I did this week, all saw a HUGE spike in DOM.  I think it's due to the loss of the tax incentive and late reporting.  Then, there was the "lull" when the buyers stopped after the tax credit.  But, I'm seeing that the sales are actually up 7.2% over last year in most areas.  Statistics are interesting, aren't they?

Jan 08, 2011 03:12 PM #4
Rainmaker
3,177,277
Endre Barath, Jr.
Berkshire Hathaway HomeServices - Beverly Hills, CA
Realtor - Los Angeles Home Sales 310.486.1002

Juli I am seeing it across the board in West Los Angeles Condominium Sales that it is is taking longer and longer to sell. I atribute this to fewer buyer. I agree Statistics are not only interesting as well as a valuable tool for listings and price reductions.

Jan 09, 2011 08:43 AM #5
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Rainmaker
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Endre Barath, Jr.

Realtor - Los Angeles Home Sales 310.486.1002
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