Century City Condo Market Report 2011

Century City Market Report / By / February 20, 2012

Let’s see how the Century City real estate market performed in 2011 by building.

Century Hill

Sold:  7 / = to same period previous year
Median Price:  $900,000 / +2.86 over same period last year
Average Price Per Sq. Ft:  521.79
Active Listings:  22
Absorption Rate*:  16 months

Century Towers – 2220 & 2222 Avenue of the Stars

Sold:  10 / -3 over previous year
Median Price:  $707,500 / -9.18 over same period previous year
Average Price Per Sq. Ft:  $619.33
Active Listings:  16
Absorption Rate*:  23.88 months

Century Woods

Sold:  3 / +3 over previous year
Median Price:  $1,150,000
Average Price Per Sq. Ft:  $575.198
Active Listings:   0

Le Parc

Sold:  5 / = to previous year
Median Price:  $1,500,000 / +9.09% over previous year
Average Price Per Sq. Ft:  $576.74
Active Listings:  2
Absorption Rate*:  11.76 months

Park Place

Sold:  11/ -5 over previous year
Median Price:  $650,000 / -12.04 over previous year
Average Price Per Sq. Ft:  $450.36
Active Listings:  4
Absorption Rate*:  4 months

The Century (The Century does not record all sales on the MLS, so this is an overview)

Sold:  11 / +5 over previous year
Median Price:  $3,400,000 / +19.30% over previous year
Average Price Per Sq. Ft:  $1,157.09
Active Listings: 19
Absorption Rate*:  22.89 months

Century Park East

Sold:  24 / + 13 over previous year
Median Price:  $407,500 / +19.85% over previous year
Average Price Per Sq. Ft:  $410.51
Active Listings:  10
Absorption Rate*:  5 months

Data provided by MLS/CLAW.  Deemed reliable but not guaranteed

*Absorption rate is the number of months it will take to sell the current inventory (in this case based on the past 6 months’ sales).  6 months is a balanced market, below 6 months is a sellers’ market and above 6 months a buyers’ market.
All but Park Place, are heavily into a buyers’ market and even this building has seen a drop in the number of sales and median price.
Century Towers, is seeing the least movement, together with The Century.  Century Woods  has very little turnover.
If you are thinking of buying a Century City condo, now would be a great time.

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