Century City Condominium Market Report for March 2011

By
Real Estate Agent with Berkshire Hathaway HomeServices 01238708

Century City Condominium Market Report for March 2011

As most of  you know who read my Blog regularly, I monitor and report on Three Beach Communities' Condominium Markets. They all were very busy during the month of March. So I am very interested how this Micro Market did for the month of March.

As I mentioned last month that Credit has loosened up a bit and consumer confidence is on the road to recovery. Keep in mind it is still a very fragile confidence and as long as there are factors which create fear, these factors can derail this recovery. Some of these are the Middle East, the after effects of the Japanese Tsunami and I could go on and on. Although I mentioned that existing home sales have improved due to Lenders loosening up the Credit a bit, keep in mind that over 30% of all sales are still "All Cash" transactions. That is a classic tell tale sign that that the mortgage market has not recovered yet. This in turn affects existing home sales by fewer Loan Approvals and more Stringent Underwriting requirements.

So with that said let's look at the actual numbers and see how they compare to February of this year.

There are 291 Active Condominium listings in Century City compared to the previous month's 271, which is a large increase from the previous month.

By now my regular readers will say that I will mention how important it is to have a good inventory. The larger the selection is, the larger the sales numbers will be, if buyers have a good selection of homes to pick from, than they can make intelligent decisions.  At the same time it will keep the List Price and Sold Price at a reasonable level. Sellers will not have unrealistic expectations and buyers and sellers can negotiate a fair price for both parties.

There were 22 properties accepting Backup Offers compared to the previous month of 31 properties. This is a substantial decrease. There were 23 Pending compared to the previous month's number of 38 .

Do not put too much stock into that number, because April is just beginning and we could get a large volume of Pending in the next three and a half weeks.

The True Tell Tale number is always the SOLD. That is actual closed transactions. For the month of March there were 38 closed transactions compared to the previous month of 26. So if this trend continues to improve ultimately this will help the bigger picture of Economic Recovery.  I will look forward to the continuation of this positive trend.

So with that said the Century City Condominium market fared very similar to the Beach communities of Marina Del Rey, Playa Del Rey and Playa Vista. All four areas have show a substantial increase in 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 Organisations.

 

Comments (7)

Ken Barker Realtor® GRI, E-Pro Certified
Dilbeck Real Estate - Burbank, CA

Endre - on the topic of the recovery. I was fearful about the government shut down for our consumers but we seem to have gotten a bit more breathing room for a while.

Apr 09, 2011 03:00 PM
John Pusa
Berkshire Hathaway Home Services Crest - Glendale, CA
Your All Time Realtor With Exceptional Service

Endre - Thank you for the detailed quality information on the Century City March 2011 condimunim market.

Apr 09, 2011 05:03 PM
Endre Barath, Jr.
Berkshire Hathaway HomeServices - Beverly Hills, CA
Realtor - Los Angeles Home Sales 310.486.1002

Ken, it really frustrates me to see Politicians have little or no idea on how to run a business and then how to help a business generate profit and create jobs.... Oh do not get me started...

Apr 09, 2011 08:23 PM
Endre Barath, Jr.
Berkshire Hathaway HomeServices - Beverly Hills, CA
Realtor - Los Angeles Home Sales 310.486.1002

John, thank you for recognizing my analysis:))

Apr 09, 2011 08:25 PM
Juli Vosmik
Dominion Fine Properties - Scottsdale, AZ
Scottsdale/Cave Creek, AZ real estate 480-710-0739

Endre, once again, another well researched and presented market report.  It's obvious you know your Century City real estate market and take price in your knowledge.  Great job!!

Apr 10, 2011 08:19 AM
Endre Barath, Jr.
Berkshire Hathaway HomeServices - Beverly Hills, CA
Realtor - Los Angeles Home Sales 310.486.1002

Juli, thank you for your comment,  it is appreciated.

Apr 10, 2011 05:29 PM
Silvia Dukes PA, Broker Associate, CRS, CIPS, SRES
Tropic Shores Realty - Ich spreche Deutsch! - Spring Hill, FL
Florida Waterfront and Country Club Living

Hi Endre, the sooner the market in California improves and recovers, the better for the rest of us.  The rest of us usually is lagging behind but we've seen some improvement here as well!  You did a great job explaining the numbers and how to interpret them!

Apr 11, 2011 01:26 PM