The indicator of which way the real estate market is leaning, whether towards sellers or buyers, is the absorption rate.
What is absorption rate? It is the number of months it will take to sell existing inventory based on previous months' figures, usually 12, 6 and 3 months.
Based on sales over the past 6 months Westwood real estate favors sellers of single family homes under $5 million and condos under $1 million.
The Century City condo market is very much a buyers' market.
Sellers' market or not, a home still needs to be priced correctly. And buyers, work with your real estate agent to find the appropriate comps for a home in which you are interested, and offer accordingly. Even in a buyers' market, in areas like Westwood and Century city, you are still going to have to come close to the market price.
