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.
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