Marina Del Rey Condominium Market Report for April 2009

Marina Del Rey Condominium Market Report for April 2009 

April has been a very interesting month. A challenging environment to say the least, the market has been changing almost daily. So I was just as curious as you to see how the numbers came out.

 Every agent I have talked to felt that there has been more activity recently then before. 

Now with this introduction let’s see the actual numbers. 

The inventory has again increased. There are currently 199 Active Condominium Listings in Marina Del Rey, CA Interestingly enough there were 17 properties that were accepting Back up Offers. This is a huge increase over the previous month. Also increase were the pending over last month. There are currently 20 properties pending. Overall I report last month that there was a huge spike in the activity. Now I can say in all fairness it was not a spike rather a continuation of upswing of activities.

 So now let us look at the closed transactions. Here we have had a drop, in March we had 16 closed transactions. This month only 10 condominiums sold. I attribute this to the fact that lenders have continued to tighten their lending practice and it takes longer to get a loan, hence some of the closings were delayed and will reflect in next months numbers.

 The activity is more interesting from another perspective. Three of the 10 which sold were in multiple offers and sold above the asking price. This is noteworthy of the activity. One property was listed at $799,000 and the sellers ended up getting $825,000 .just as an example. It is not just the foreclosure o short sale market, which is very active. If a property is well priced, and it is in great showing condition, then the buyers jump on it, because they understand the value.

 In conclusion, I see a steady progress in the Sales Activity in the Marina as well as surrounding areas.

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 EndreBarath@TheMLS.Com  or visit one of my websites at https://www.endrebarath.com