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Playa Del Rey Condominium Market Report for March 2011

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

Playa Del Rey Condominium Market Report for March 2011

 As I mentioned last month that Credit has loosened up a bit and consumer confidence is on the road to recovery. Keep in mind it is still a very fragile confidence and as long as there are factors which create fear, these factors can derail this recovery. Some of these are the Middle East, the after effects of the Japanese Tsunami and I could go on and on. Although I mentioned that existing home sales have improved due to Lenders loosening up the Credit a bit, keep in mind that over 30% of all sales are still “All Cash” transactions. That is a classic tell tale sign that that the mortgage market has not recovered yet. This in turn affects existing home sales by fewer Loan Approvals and more Stringent Underwriting requirements.

So with that said let’s look at the actual numbers and see how they compare to February of this year.

There are 56 Active Condominium listings in Playa Del Rey compared to the previous month’s 51,

By now my regular readers will say that I will mention how important it is to have a good inventory. The larger the selection is, the larger the sales numbers will be, if buyers have a good selection of homes to pick from, than they can make intelligent decisions.  At the same time it will keep the List Price and Sold Price at a reasonable level. Sellers will not have unrealistic expectations and buyers and sellers can negotiate a fair price for both parties.

There were 9 properties accepting Backup Offers compared to the previous month of 8 properties. This is virtually identical. Unlike there were only 2 Pending compared to the previous month’s number of 5.

Do not put too much stock into that number, because April is just beginning and we could get a large volume of Pending in the next three and a half weeks.

The True Tell Tale number is always the SOLD. That is actual closed transactions. Well I am happy to report that for the month of March there were 6 closed transactions compared to the previous month of 5. So if this trend continues to improve ultimately this will help the bigger picture of Economic Recovery.  I will look forward to the continuation of this positive trend.

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    http://www.endrebarath.com  Your Pet Friendly Realtor. I contribute a portion of my commission to Local Animal Rescue Organizations

 

                                              

 

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