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.