Santa Monica Real Estate | Market Report January 2013

A month of the new year has already gone.  How is the Santa Monica real estate market doing?  Let’s compare January statistics to December’s.  Are sales looking up?  How are the prices?

Single Family Homes

 

Zip Code Sold +/- Dec. Price Range Median +/- Dec

Total
Active

Median Price Range

New
Jan.
Pending
90401 0 =  N/A N/A N/A  2 $4,235,000 2 0
90402 4 -16  $2,359.650 to $3,970,000 $3,250,000 +22.55% 14 $6,172,500 4 7
90403 3 = $1,500,000 to $3,650,000 $2,300,000 -5.15% 4 $2,985,000 1  4
90404 3 -10 $267,000 to $420,000 $330,000 -34% 8 $662,000 6 10
90405 3 -8 $260,000 to $565,000 $459,000 +-3.34% 12 $637,000 4 8

Leaving aside zip code 90401, a commercial neighborhood in the City, Santa Monica continues to be a sellers’ market.  Sales are down significantly over December,  with only 13 homes sold, probably attributable to the lack of new inventory.

There are a total of 22 homes currently under contract and 17 new homes listed in January.

The absorption rate below is based on the past 6 months sales trend

 

Seller’s Market Stable Market Buyers’ Market
Less than 5 months inventory 5 to 7 months inventory More than 7 months inventory

 

Condos

 

Zip Code Sold +/- Dec. Price Range Median +/- Dec.

Total
Active

Median

New
Jan..
Pending
90401 2 -1  317,500 to $325,000 $321,350 -34.52% 4 $607,000  2 2
90402 1 -6 $1,200,000 N/A N/A 14 $1,516,500 6 6
90403 8 -10 $447,000 to $1,567,170 $842,000 +3.04% 20 $889,500 13 14
90404 3 -13 $267,000 to $420,000 $330,000 -30.75% 8 $662,000 6 16
90405  4  -7 $260,000 to $858,000 $512,000 -22.31% 12 $637,000 4 7

 

Information provided by the MLS/CLAW deemed reliable but not guarantee

As with the single family market Santa Monica condo sales were way down in January compared with December.  However, there are 45 units under contract, and  31 new units came on the market this month.  February is shaping up to be a good month for Santa Monica real estate.

Previous Market Reports

Santa Monica Real Estate The Year in Review
Santa Monica November Real Estate Market Report

Santa Monica Real Estate Market Report for October 2012

Homes for sale in Santa Monica

 

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