Playa Del Rey, CA Condominium Market Report for May 2011
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 decrease in the inventory to 44 Active Listings and not surprisingly there was a decrease in Accepting Backup offers to 5, as one would have anticipated based on the turbulent events. There was One Unit 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 decreased as well to 4 Units. Equally surprising that there was an increase in the Sold category as well from the previous month's the current one of 10. 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 Playa Del Rey, CA. This way you can look at the Trends yourself conveniently. (See Below)
http://actvra.in/4T (Published February 2011)
http://actvra.in/6dY (Published March 2011)
http://actvra.in/7Vj (Published April 2011)
http://actvra.in/9vl (Published May 2011)
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(9)