Century City / Westwood, CA Condominium Market Report for February 2011
Century City / Westwood, CA Condominium Market Report for February 2011. As you know I have been a big proponent of Looking at Housing Trends, I find that is the key to getting the correct picture. It is important to look at the Monthly numbers, but we should not be caught up with the Headlines. There have been delays due to Lenders, Appraisers and other unforeseen reasons.
Now with that said I am very excited to report that The Active Listings for February have increased month over month from 257 to 271. The larger the selection the more Realistic the Sellers are and the Buyers are more motivated, since they have a selection they can choose from and go to escrow with.
At the current expectation that the interest rates did not get raised the buyers decided to continue and purchase properties at a reasonable pace.
There were also more properties in Back up Status month over month. During the month of February there were 35 properties vs. 31 the previous month in Back up Status.
As the Economic data suggested the economy was improving and it is evidenced by the fact that there were more buyers who have removed their contingencies and were prepared to close escrow in February.
In January there were 36 properties pending vs. in February there were 38 properties pending in the Century City/Westwood area.
This is great news, because this Trend is an indication that the Housing Market is improving.
Now to look at the most important figure the Sold properties fared very well also. Month over Month the increase was quite large, last month we had 16 Sold and this month we had 26 reported Sold transactions.
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 https://www.endrebarath.com Your Pet Friendly Realtor. I contribute a portion of my commission to Local Animal Rescue Organizations
