Santa Monica Real Estate Market Report 2017

What has been happening in the Santa Monica real estate market over the past year? How is the inventory?

Since Santa Monica consists of five zip codes, each demographically different, it makes more sense to look at them separately.

90401 – Downtown

Single Family
Sold: 2
Median price: $3,775,o00
Current inventory: 6 with a median price of $4,599,000. Buyers’ market.

Condos
Sold: 27
Median price: $1,275,o00
Price change over 2016: -29%
Current inventory: 4 with a median price of $2,035,000. Sellers’ market.

90402 – North of Montana

Single Family
Sold: 104
Median price: $3,995,000
Price change over 2016: +6%
Current inventory: 16 with a median price of $6,495,000. Sellers’ market.

Condos
Sold: 34
Median price: $2,133,750
Price change over 2016: +47% (increase in sales of higher priced Ocean Ave. condos)
Current inventory: 17 with a median price of $2,400,000. Stable market.

90403 – North of Wilshire

Single Family
Sold: 34
Median price: $2,574,564
Price change over 2016: -8%
Current inventory: 4 with a median price of $2,699,000. Sellers’ market

Condos
Sold: 151
Median price: $1,220,000
Price change over 2016: +3%
Current inventory: 14 with a median price of $1,398,500. Sellers’ market

90404 – Mid- City, Sunset Park

Single Family
Sold: 17
Median price: $1,200,000
Price change over 2016: 0
Current inventory: 2 with a median price of $1,695,000. Sellers’ market

Condos
Sold: 99
Median price: $935,000
Price change over 2016: +16%
Current inventory: 4 with a median price of $942,499. Sellers’ market.

90405 –  Pico District, Ocean Park, Ocean Avenue

Single Family
Sold: 91
Median price: $1,865,000
Price change over 2016: +7%
Current inventory: 6 with a median price of $2,247,500. Sellers’ market.

Sold: 93
Median price: $1,020,000
Price change over 2016: +12%
Current inventory: 4 with a median price of $1,037,500. Sellers’ market.

The information provided by the MLS/CLAW deemed reliable but not guaranteed
Overall in Santa Monica there were 248 sales of single family homes at a median price of $2,530 which was a 3% increase over 2016

There were 404 condos sold at a median price of $1,102,500 which was a 10% increase over 2016.

Santa Monica remains in a sellers’ market with the median price increasing steadily. So sellers, this is still your time.

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