If you are interested in how the real estate market is doing in Santa Monica. Let’s take a look.
There were a total of 74 single family homes sold at a median price of $2,237,500. The sold price vs. list price was 102.5% and average days on the market was 38. This was an increase of 32 homes sold and a slight drop in median price of 2.71%.
A total of 145 condos sold at a median price of $1,075,000. The sold vs. list price was 101.13% and average days on the market was 55. This was an increase of 37 units sold and a 19.58% increase in the median price.
The fact that the average sold price is over list means that multiple offers are the norm which indicates low inventory.
There is still a huge shortage of inventory which puts Santa Monica squarely in a sellers’ market.