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Santa Monica Real Estate Market 2nd Quarter 2013 in Review

Posted by janepeters on July 1, 2013
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And another three months has flown by, time to check in on the Santa Monica real estate market.  How does the second quarter of 2013 compare to the first quarter.   Santa Monica zip codes differ in pricing and demographics from each other and will be reported separately.  The difference is over the previous quarter.

Santa Monica rea estate market 2nd Qtr 2013 in review

Santa Monica single family

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

Sold +/- Median +/- Active Median Pending
3 +3 $3,520,000 N/A 1 $4,495,000 0

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
29 +16 $3,250,000 -7.14%% 33 $3,495,000 17

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

Sold +/- Median +/- Active Median Pending
6 -1 $2.050,000 +36.67% 8 $2,622,500 4

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

Sold +/- 2011 Median +/- Active Median Pending
4 +2 $837.000 -16.92% 2 $1,174,500 3

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

Sold +/- Median +/- Active Median Pending
31 +12 $1,308,000 +0.62% 6 $1,997,000 13

 

Santa Monica Condos

90401

Sold +/- 2011 Median +/- 2011 Active Median Pending
6 +1 $645,000 +74.32% 0 N/A 1

90402

Sold +/- 2011 Median +/- 2011 Active Median Pending
11 +2 $1,475,000 +13.46% 11 $2,185,000 4

90403

Sold +/- 2011 Median +/- 2011 Active Median Pending
44 +11 $982,500 +21.30% 19 $899.000 25

90404

Sold +/- 2011 Median +/- 2011 Active Median Pending
31 +11 $617,500 +19.32% 9 $749,000 15

90405

Sold +/- 2011 Median +/- 2011 Active Median Pending
24 +10 $509,250 +32.06% 15 $649,000 19

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

With the exception of houses in 90403, sales were up briskly in the second quarter vs the first.  In the Santa Monica condo market the median price was up overall, although short term comparisons don’t reflect the market accurately.

There a total of 50 houses listed for sale with 116 sold over the past 6 months and 37 under contract.

There are 54 condos listed for sale with 200 sold over the past 6 months and 64 under contract.

The severe shortage of inventory continues.

With interest rates already up 1% over the past month, Santa Monica home sellers should not wait to put those homes on the market before the buyer pool starts to dwindle.

Santa Monica Real Estate Market 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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