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Marina Del Rey Condominium Market Report for May 2011

By
Real Estate Agent with Berkshire Hathaway HomeServices California Properties 01238708

Marina Del Rey Condominium Market Report for May 2011

Marina Del Rey Market Report Photo By Endre Barath,JR

As most of you who read my post consistently, know I am a firm believer that you have to look at a Real Estate Market Report not just as a snap shot of the previous months activities, but rather as what the Trend is. If we observe and monitor the trend, than we can make educated predictions of activity for the near future of the Real Estate activity in a particular pocket.

Unfortunately there are events that are beyond our control that will impact the local Real Estate activity. Last month there was a slowdown of the growth in the US Economy. A large part can be attributed to the earthquake in Japan, which created a shortage of parts and had a global as well as a local impact.

Then there was a huge rise in the oil prices, which caused consumers to cut back on spending. Even though the oil prices have dropped back to $100 per barrel the damage was done. The slowdown occurred.

Now with that said let us see what the May numbers looked like: There was an increase in the inventory to 165 Active Listings and  surprisingly there was a slight increase in Accepting Backup offers to 11, not as one would have anticipated based on the turbulent events. There were No Units in Hold position an indication of shorter approval time for Short sales. Previously they were taking such a long time that one had to put them on Hold Status in the MLS. The pending not surprisingly had a slight decreased to 15 Units. Equally surprising that there was an increase in the Sold category as well from the previous month's the current one of 22. This just confirms what I have been saying all along that, there are micro markets in Real Estate and you need a knowledgeable Realtor to provide you with the guidance and data.

So for your convenience I am going to include the previous five month's Condominium Market Reports for Marina Del Rey, CA. This way you can look at the Trends yourself conveniently. (See Below)

http://actvra.in/JT (Published January 2011)

http://actvra.in/4T8 (Published February 2011)

http://actvra.in/6gy (Published March 2011)

http://actvra.in/7YN (Published April 2011)

http://actvra.in/9xL (Published May 2011)

endre barath's real estate blog

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.  

 

Comments (7)

Brian Doubleday
Brian Doubleday - IML RealEstate - Orange County, CA Broker - Ladera Ranch, CA
Ladera Ranch, Foothill Ranch, Lake Forest, Mission Viejo

Endre, very nice combo of photo and market report, lately our economy is interesting to say the least, the next 6 months could be interesting

Jun 08, 2011 04:53 PM
Juli Vosmik
Dominion Fine Properties - Scottsdale, AZ
Scottsdale/Cave Creek, AZ real estate 480-710-0739

Endre - you are SO right about the micro markets.  And, you constantly show your knowledge of your Marina Del Rey real estate market with your informative blogs.  I like your analysis along with the actual hard numbers.  Great job reporting on your Marina Del Rey real estate market.

Jun 08, 2011 05:02 PM
Endre Barath, Jr.
Berkshire Hathaway HomeServices California Properties - Beverly Hills, CA
Realtor - Los Angeles Home Sales 310.486.1002

Brian, I monitor four areas very Closely, I just finished this one Two had decreases, so you never know. I totally agree with you this year has been interesting to say the least...

Juli- Thank you for your kind words It is appreciated and welcomed:))

Jun 08, 2011 05:18 PM
Joni Bailey
101 Main St. Realty - Huntsville, TX
Your Huntsville / Lake Livingston Area REALTOR®

Judi already said everything that needed to be said. So I'll just add... Have a wonderful Thankful Thursday, my friend!

Jun 09, 2011 02:48 AM
Pat Haddad, ABR, CRS, ePRO, GRI
Keller Williams Indianapolis Metro NE - Carmel, IN
Carmel, Fishers, Westfield IN Real Estate Expert

Endre--Ditto Juli's comments, but I will also add that no matter how long it takes you to sell your condos, our days on the market will always be more than yours.  Condos are just not a hot commodity here in corn country!

Jun 09, 2011 05:51 PM
Elyse Berman, PA
LoKation Real Estate - Boca Raton, FL
Boca Raton FL (561) 716-7824

Endre,  I like this report and the photo.  It's easy to read and easy to understand.  Looks great!

Jun 10, 2011 03:05 PM
Endre Barath, Jr.
Berkshire Hathaway HomeServices California Properties - Beverly Hills, CA
Realtor - Los Angeles Home Sales 310.486.1002

Pat you are funny, we are the second largest city by population and probably the largest by square mile in the country hence the reason we have so many Condominiums. Yes we all dream about Home Ownership, our homes are usually on less than 6000 sq ft of land:)

Elyse, thank you for your observations, I have played with Chart one year than decided on this format this year.

Jun 10, 2011 04:40 PM