You have probably heard about the severe shortage of inventory in the Los Angeles area and are probably wondering how is the Santa Monica real estate market doing? Let’s take a look.
Sold: 291. This is a drop of 66 sold over the same period the previous year.
Median Price: $1,260,000. This is only a 0.8% increase over the same period the previous year.
Sold vs List: 39.52% sold at 103.38% of list within 30 days. This was also close to the average days on the market.
Active Listings: 118.
Median Price: $2,500,000
Sold vs List: 47.25% sold at 103.66 of list within 30 days. Average days on the market was 49
Active Listings: 50
Median Price: $998,000
Sold vs List: 36% sold at 103.21% of list within 30 days. Average days on the market was 62
Active Listings: 68
The total inventory available is two months which is extremely low and puts Santa Monica squarely into a strong sellers’ market.
By Price Range
Under $1 Million
Sold vs List: 35.92% sold at 102.23% of list within 30 days. Average days on the market was 48.
Active Listings: 24
The total inventory is less than 1.5 months. This is a strong sellers’ market.
$1 Million to $5 Million
Sold vs List: 41.11% sold at 104.07% within 30 days. Average days on the market was 64
Active Listings: 74. This is 2.5 months of inventory and a sellers’ market.
Over $5 Million
Sold vs List: 38.46% sold at 99.16% of list within 30 days. Average days on the market was 50.
Active Listings: 20. This is 7.75 months of inventory, and as is usual in this price range the market favors buyers.
(Information taken from the MLS/CLAW deemed reliable but not guaranteed.)
Santa Monica is one of the areas suffering from extremely low inventory and we can only hope that sellers will start considering putting their homes on the market. If ever it was a good time, that would be now.
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