If you are considering buying a Century City condo check out the market below. Be sure to click on each image for more detailed results:
Overview of Century City condo sales over past year to February 2011
The statistics to take note of are, in this case February 2010 vs February 2011 as these take seasonality out of the equation:
February 2010 had one sale – February 2011 had 3. June 2010 had the highest number of sales – 12
Average days on the market of Century City condos sold is up 36% from 84 to 115.
The median list price is down 9% from $1,375,000 to $1, 250,000. The median sold price is down 48% from $885,000 to $464,000. This indicates that sellers’ and buyers’ expectations are out of balance.
Number of Century City condos for sale in any given month is down 11% from 98 to 87.
New condos coming on the market each month are down from 17 to 9.
Supply vs demand shows a market trend. Supply has come down 11% vs demand which has risen by 300%. But there is a long way to go before the market stabilizes (numbers become flatter)
The ultimate indicator as to whether the Century City condo market is a buyers’ or sellers’ market is Months Supply of Inventory, or Absorption Rate. The months supply has come down significantly from 26.7 months in February 2010 to 10 months in February 2011. It is still a buyers’ market. A stable market is 6 months. There is some way to go, but the numbers are headed in the right direction.
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