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Century City Condos Market Report | 1st Quarter 2012

How is the Century City condo market faring?  Let’s see how the 1st Qtr of 2012 compares with the same period in 2011.

Century City

Number sold:  22, a 29.41% increase over the same period last year.

Median Price:  $738,700, a 26.27% increase over the same period last year.

There are 76 active listings and with an average sale of 7.33 per month over the past 3 months the absorption rate is 10.37.  This means it will take that long to sell the existing inventory based on the previous average.

A balanced market is a six months absorption rate.  Anything more points to a buyers’ market.

The Century is a factor in these figures, the MLS shows 23 of the units in this building, some of which are shown as having been on the market for almost 2 years.  If we take out The Century, the absorption rate is 8.85 months.  A little better, but still a buyers’ market.

However, the median price and number of sales is up.  It will be interesting to see what happens in the next Quarter of 2012.

Century City Condos for Sale

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Read more: http://www.homejane.com/century-city-condos-market-report-1st-quarter-2012.html#ixzz1sPji4fFx

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12 commentsJane Peters • April 18 2012 10:33AM

Comments

Thanks for posting, I always enjoy comparing other markets to ours.  All the best ~

 

Gina

Posted by Gina Tufano, Ask Gina & Company, Northern Virginia Real Estate (Ask Gina & Company with Keller Williams Realty Loudoun Gateway) over 2 years ago

Gina, thank you.  It is good to see what is going on in other communities.

Posted by Jane Peters, Connecting you to the L.A. real estate scene (Power Brokers Int'l) over 2 years ago

Jane Peters, you know your Los Angeles real estate market so well.  I like the way you can take the statistics and analyze how your Los Angeles home sales are going.  And, you know so many individuals neighborhoods within your Los Angeles real estate market.  I KNOW I would use Jane Peters Realtor® if I was moving to Los Angeles.

Posted by Juli Vosmik, Scottsdale/Cave Creek, AZ real estate 480-710-0739 (Dominion Real Estate Partners, LLC, Scottsdale, AZ) over 2 years ago

Juli,  too kind, Juli.

Posted by Jane Peters, Connecting you to the L.A. real estate scene (Power Brokers Int'l) over 2 years ago

Excellent news! The increase in the number of homes sold and the increase in sales price increase leads one to believe that sellers are not cowering to buyers who want to steal a property. After all sellers want to sell, not take a bath.

Posted by Sun City Grand Homes Surprise AZ Real Estate Leolinda Bowers, Associate Broker Realtor Arizona Golf Communities (Long Realty West Valley) over 2 years ago

Leolinda,  methinks that is one of the reasons sellers don't want to put their homes on the market.  Although now is the time.

Posted by Jane Peters, Connecting you to the L.A. real estate scene (Power Brokers Int'l) over 2 years ago

Jane,

 

I was working with an agent who recently relocated from Los Angeles, and said your market is really heating up, with a growing percentage of sales, being cash deals. Nice to see things are heating up

Posted by Scott Hayes, Realty Austin, Broker Associate ((512) 786-8300) over 2 years ago

Scott,  I know. I have never seen so many cash deals.

Posted by Jane Peters, Connecting you to the L.A. real estate scene (Power Brokers Int'l) over 2 years ago

Jane - WOW, that is a HUGE increase in sales for Century City Condos.

Posted by Michelle Gibson, REALTOR (Hansen Real Estate Group Inc. ) over 2 years ago

Michelle,  it is indeed.

Posted by Jane Peters, Connecting you to the L.A. real estate scene (Power Brokers Int'l) over 2 years ago

Interesting to see tha both prices and number of properties sold went up in Century City. Good sign for sellers. Great Job Jane.

Posted by Patty Da Silva, Davie, Southwest Ranches Cooper City, Plantation, Weston, REALTOR, Top Listing Broker (BROKER of Green Realty Properties® - 954-667-7253) over 2 years ago

Patty,  L.A. pretty much leans towards sellers in the moderate market.

Posted by Jane Peters, Connecting you to the L.A. real estate scene (Power Brokers Int'l) over 2 years ago

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