Century City Condominium Market Report for the Month of November 2010
Century City Condominium Market Report for the MOnth of November 2010.
The long awaited November Condominium Market Report for Century City, CA is finally here. As some of you know I have and am out of the country as this is being written. I have noticed there was a huge drop from the Active Listings from the Previous Month. I was quite surprised we went from 291 to 249 this has been a downward trend for the past two months. Part of it is cyclical due to the winter sales cycle, fewer sellers place their homes on the market, part of it due to the home that the New Year will bring renewed confidence and sellers are holding off with marketing their homes.
Interestingly there has been a drop in the Properties Accepting Backup Offers; we went from 31 to 0. This is a noteworthy number, since this is an indication that there are fewer buyers who are in Escrow as we speak.
There is only one Condominium on Hold Status which is generally a sign of a Short Sale transaction waiting for Lender Approval. Either the Lenders have started approving the Short Sales quicker or fewer buyers are taking the plunge into a Short Sale Purchase.
The Pending transaction number had a huge drop as well. The previous month we had 31 vs. for November we only have 15.
The Sold transaction has taken a drop as well we went from 26 to 20.
Overall the numbers are very interesting. I will write a more detailed analysis once the year end numbers are in. In the mean time I would like to wish all my readers a very pleasant Holiday Season.
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 firstname.lastname@example.org 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