Playa Vista, CA Market Report for March 2009
Even though it is April 1st, 2009, this is not an April Fools Joke. These are the actual numbers for the Month of March 2009.
As I reported last month there has been an increase of Active Listings compared to the January numbers. The trend continues. Currently there are now 60 Active Listings compared to 55 Actives Listings in February. This is an increase of by 9.2% (see last months Market Report http://activerain.com/blogsview/960983/Playa-Vista-CA-Market-Report-for-February-2009 ) As you see the inventory is continuing to get larger.
Now let us focus on the number of properties that are in Escrow and the ones that closed:
Currently there are 5 accepting back up offers vs. last month there were 4 and in January only 2. As you can see this trend is on the upswing as well. These are buyers who have not removed their contingencies yet and the seller’s agents are still accepting other offers as back up. There are 7 Pending properties this is a drop compared to last month which was an extraordinary increase from 3 pending to 10 pending. I attribute this to lenders continuing to tighten up the Approval Process for new loans. It takes longer to get approved; hence fewer buyers have been able to remove their Contingencies.
Now let us look at how the sales numbers turned out. Actual Closings increased. The last two months it has been a steady 3 sales every month. For the Month of March 2009 we had 4 sales. Again the number is a small increase, but had I done a percentage it would have appeared as a significant increase. Keep in mind these are real numbers and as you can see the growth is continuing.
Should you like sales information/data about any other part of Los Angeles, please feel free to contact me directly.
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, 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 http://www.endrebarath.com