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Santa Monica Real Estate Market, 1st Quarter 2013 Reviewed

Posted by janepeters on April 3, 2013
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Amazingly we are already into the second quarter of 2013.  Let’s take a look at how the Santa Monica real estate market did in the first quarter compare it to the last quarter of 2012.  Santa Monica zip codes differ in pricing and demographics from each other and will be reported separately.

Santa Monica Real Estate Market Report 1st Qtr 2013

Santa Monica single family

90401 – this is primarily a business district so you will see little or no activity here.

Sold +/- Median +/- Active Median Pending
0 =  N/A N/A 2 $4,122,500 1

90402 – which includes the areas of Santa Monica Canyon, North of San Vicente,  and North of Montana and the northern part of Ocean Avenue (which includes the luxury condo buildings).

Sold +/- Median +/- Active Median Pending
13  -21 $3,500,000 +24.16% 20 $4,345,000 14

 90403  – North of Wilshire, parts of Ocean Avenue (also including some of the luxury condo complexes),

Sold +/- Median +/- Active Median Pending
7 -5 $1,500,000 -6.54%  4 $1,987,000 2

90404 – Mid-City and Sunset Park – a combination of residential and commercial buildings.

Sold +/- 2011 Median +/- Active Median Pending
 2 -3 $1,007,500 +30.00% 1 $699,000 5

90405 – Pico District and Ocean Park – also a combination of upscale residential and commercial buildings.

Sold +/- Median +/- Active Median Pending
 19 -12 $1,300,000  +13.047% 10 $1,347,000 15

 

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

Santa Monica Condos

90401

Sold +/- 2011 Median +/- 2011 Active Median Pending
 5 =  $370,000 -46.30% 2 $789,000 4

90402 

Sold +/- 2011 Median +/- 2011 Active Median Pending
 9 -9 $1,300,000 +4:00% 10 $1,645,000 10

 90403

Sold +/- 2011 Median +/- 2011 Active Median Pending
 33 -8 $810,000 +11.72% 12 $956,500 4

90404 

Sold +/- 2011 Median +/- 2011 Active Median Pending
20 -6 $527,500 -2.22% 7 $699,000 19

90405 

Sold +/- 2011 Median +/- 2011 Active Median Pending
14 -19 $509,250 -22.85% 4 $724,500 15

 All information provided by MLS/CLAW is deemed accurate but is not guaranteed.

The percentage difference reflected is compared to the last quarter of 2012, and it is clear that Santa Monica home sales were down in the first quarter of 2013 in comparison.

Overall, the median price was up, except in a few cases, but that is a result of the lower priced properties selling off.

There is a tremendous shortage of inventory which is creating a unhealthy housing market in Santa Monica, as in most Los Angeles areas.

Previous Market Reports

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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