Santa Monica Real Estate 1st Quarter 2012 Market Report

Let’s compare the Santa Monica real estate performance for the 1st Quarter 2012 over the same period last year.

The numbers are taken from the MLS/CLAW and are deemed reliable but not guaranteed.  Also, they reflect single family home sales only.

Number Sold:  52, a 5.45% decrease over the same period in 2011.

Median Price:  $1,545,000, a 14.44% increase over the same period in 2011.

There are 64 active listings and with an average sale of 17.33 homes per month over the past 3 months, this means that there is an absorption rate of 3.69.  In other words, it will take 3.69 months to sell the existing inventory based on the average monthly sales.

A balanced market is 6 months.  Anything less trends towards a sellers’ market.

Santa Monica home sellers are in an excellent position to find buyers for their homes, especially if priced right.

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