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How is the Santa Monica Real Estate Market?

Posted by janepeters on March 7, 2016
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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.

How is the Santa Monica real estate market

All Homes

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.

Single Family

Sold:  91
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

Condo

Sold:  200
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:  103
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:  180
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:  13
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.

Other Santa Monica real estate market reports

Homes for sale in Santa Monica

 

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