With all the talk about rising homes prices and shortage of inventory, it is time to check on the Santa Monica real estate market performance for May 2013.
Is the inventory up, median prices up? Let’s take a look.
April 2013
| Sold | +/- March | Median | +/- March | Active | New | +/- March | Pending | +/- March | |
| Single Family | 18 | +3 | $2,527,500 | +55.90% | 42 | 20 | +13 | 30 | +21 |
| Condo | 40 | -1 | $621,250 | -5.87% | 43 | 20 | +13 | 31 | +17 |
May 2013
| Sold | +/- April | Active | +/- April | Median | New | +/- April | Pending | +/- April | |
| Single Family | 27 | +9 | 46 | -35.90% | $1,620,000 | 16 | -4 | 46 | +16 |
| Condo | 39 | -1 | 45 | +25.55% | $780,000 | 20 | +8 | 58 | +27 |
Information provided by MLS/CLAW deemed reliable but not guaranteed
The number of new single family homes coming on the market in Santa Monica in May dropped by 4 over April, but new condos rose by 8. The median price of new single family homes dropped by 36% and for condos it rose by 26%.
The number of pending homes rose significantly in both categories.
The number of sold homes was up for single family and slightly down for condos.
The comparison with April 2013 still shows a need for new inventory, especially in the single family home market.
Previous Santa Monica real estate market reports
Santa Monica Real Estate. What’s New?
Santa Monica Real Estate, 1st Quarter 2013 Reviewed
Santa Monica Homes for Sale the Market Trend
Santa Monica Real Estate the Year in Review
Homes for sale in Santa Monica
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