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Century City Condominium Market Report for the month of November 2011

Posted on Dec 6, 2011 by in Active Rain | 0 comments

Century City Condominium Market Report for the month of November 2011

Here we are, the last month of the year is just buzzing by. So let’s look how the November real estate activity fared comparatively.  The month has been quite mixed with good news and bad news. Every time I looked on the internet I either saw that there was bad economic news in Italy, Spain, Ireland and Portugal or there was good news that Germany will help out the European Financial Crisis. This roller coaster good news, bad news in my opinion is manipulating the World Economy… Sadly not in a good way… this is creating insecurities all over the Globe. The Stock Market responds to the headlines instead to the “researched facts”. This volatility is affecting the housing market as well.

I have noticed that only the savvy buyers are actually purchasing. The novice buyers are asking people for advice, but they are mostly family, friends and acquaintances, not Realtors, Mortgage Lenders or people who have a pulse on the Market, hence some have good information others do not. This in effect is keeping many buyers on the proverbial fence.

Last month I have seen the lowest interest rates in 60 years. The price of homes in the greater Los Angeles area are hovering around 2002/2003 prices.  This should create a massive activity, but I do not see it. This I also attribute to the fact, that the inventory is shrinking out there, hence buyers have fewer properties to choose from, then previous months and some are waiting for a large selection.

The Active listings dropped from last month to 300 this month, this is 3.2% contraction. The condominiums which are in Escrow and are waiting for Back up offers have decreased  from the previous month’s 20 to 15, this month. The ones on Hold status are unchanged 2 the previous month and 2 this month. Now let’s look at the Pending, this number has increased from last month’s 19 to a current of 45. This is a huge increase. Now the Sold Status has decreased from 29 to 2. This could be from a combination of the fact that Thanksgiving Week has slowed the Lenders and the Escrow Companies with timely closings and an indication of the large Pending Status as well as the analysis I provided in the beginning.

Century City

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 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.

 

 

 

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