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.

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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