Marina Del Rey, Condominium Market Report for December 2010
Marina Del Rey, Condominium Market Report for December 2010. Well here we are and 2010 is in the history books and we are well on our way into 2011. So let us look how last year fared with an expanded explanation.
There were 155 Condominiums listed for Sale this is almost identical to the numbers in December 2009 it was an increase of 2 % which is very interesting. On the other hand expired listings increased by 29%. What this tells us is that it takes a lot longer for a Condominium to sell compared to a year ago. This is significant in many respects. Sellers need to price their homes correctly and Realtors need to prepare their Sellers that they will be both looking at a long sales process.
There were 4 properties on Hold a direct indication of Short Sales. This is very telling. Keep in mind 2 out of 5 Short Sales never close, either the Buyer walks or the Bank Forecloses on the Seller.
There were 13 Properties that were in Escrow accepting Backup Offers and 12 Properties that were Pending in Escrow, waiting to close. Therefore the Under Contract inventory has actually increased over the same period in 2009 by 13 per cent. This I find significant, that there is more activity and also a good indication that the 2011 year is starting off on a positive note.
There were 25 Closed Transactions for the Month of December 2010. This is a 13 per cent increase over December 2009. I find this significant that there were more sales by volume as well.
So Supply & Demand were both up year over year. This would more than likely explain why the Prices were up as well. This tells me that the Economic Principles are returning to the Marina Del Rey Real Estate activities. When Supply and Demand are up then Prices increase as well, interestingly it was a 13 per cent increase as well.
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