Century City / Westwood, CA Condominium Market Report for February 2011

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Real Estate Agent with Berkshire Hathaway HomeServices 01238708
https://activerain.com/droplet/6gq

Century City / Westwood, CA Condominium Market Report for February 2011. As you know I have been a big proponent of Looking at Housing Trends, I find that is the key to getting the correct picture. It is important to look at the Monthly numbers, but we should not be caught up with the Headlines. There have been delays due to Lenders, Appraisers and other unforeseen reasons.

Now with that said I am very excited to report that The Active Listings for February have increased month over month from 257 to 271. The larger the selection the more Realistic the Sellers are and the Buyers are more motivated, since they have a selection they can choose from and go to escrow with.

At the current expectation that the interest rates did not get raised the buyers decided to continue and purchase properties at a reasonable pace.

There were also more properties in Back up Status month over month. During the month of February there were 35 properties vs. 31 the previous month in Back up Status.

As the Economic data suggested the economy was improving and it is evidenced by the fact that there were more buyers who have removed their contingencies and were prepared to close escrow in February.

In January there were 36 properties pending vs. in February there were 38 properties pending in the Century City/Westwood area.

This is great news, because this Trend is an indication that the Housing Market is improving.

Now to look at the most important figure the Sold properties fared very well also. Month over Month the increase was quite large, last month we had 16 Sold and this month we had 26 reported 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 Organizations

 

 

 

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Rainmaker
808,819
Anthony Stokes-Pereira
Better Homes and Gardens Rand Realty - Nanuet, NY
Realtor

Thank you for the market update in your area, great information for buyers and sellers.

Mar 05, 2011 11:57 AM #1
Rainmaker
3,174,842
Endre Barath, Jr.
Berkshire Hathaway HomeServices - Beverly Hills, CA
Realtor - Los Angeles Home Sales 310.486.1002

Anthoy, thank you for your observations.

Mar 05, 2011 12:23 PM #2
Rainmaker
3,241,346
Michael Jacobs
Pasadena, CA
Los Angeles Pasadena 818.516.4393

Endre --- looks like things are continuing to look very favorable in the Century City/Westwood markets.   How is new construction affecting the resale market there?

Mar 06, 2011 04:30 PM #3
Rainmaker
3,174,842
Endre Barath, Jr.
Berkshire Hathaway HomeServices - Beverly Hills, CA
Realtor - Los Angeles Home Sales 310.486.1002

Great question Michael, the Century  I bloged about this complex two years ago and it is actually helping the resale market 

http://actvra.in/6k6

 

Mar 06, 2011 05:22 PM #4
Rainmaker
3,241,346
Michael Jacobs
Pasadena, CA
Los Angeles Pasadena 818.516.4393

Endre  -- excellent.  You are obviously a Westside guy-in-the-know.

Mar 06, 2011 06:18 PM #5
Rainmaker
1,115,854
Jim Frimmer
HomeSmart Realty West - San Diego, CA
Realtor & CDPE, Mission Valley specialist

I dislike the headlines, especially since my farm is one of those micromarkets you talked about in another of your posts.

Mar 09, 2011 02:37 PM #6
Rainmaker
3,174,842
Endre Barath, Jr.
Berkshire Hathaway HomeServices - Beverly Hills, CA
Realtor - Los Angeles Home Sales 310.486.1002

Jim we are on the same Page the headlines are so misleading when it comes from Monthly Sales and Pending. The headlines also like to generalize such as Los Angeles.....well LA is 60 square miles and there are pockets that are $5million and up as well as pockets that are $150k -$250k

Mar 09, 2011 03:05 PM #7
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Rainmaker
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Endre Barath, Jr.

Realtor - Los Angeles Home Sales 310.486.1002
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