Century City Condominium Market Report for December 2010
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 email@example.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