Santa Monica Homes for Sale 1st Qtr 2014 Market Report

Let’s see how the Santa Monica real estate market is doing with the shortage of inventory. How does the first quarter of 2014 compare to the same period in 2013?  Santa Monica zip codes differ in pricing and demographics from each other and will be reported separately.

The percentage difference is over the same period in 2014.

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
2 +2 $1,522,000 -N/A 1 $3,000,000 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
12 -1 $3,702,500 +5.79 20 $3,797,000 12

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

Sold +/- Median % +/- Active Median Pending
7 = $1,888,000 +25.87 6 $2,2492,500 3

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

Sold +/- Median % +/- Active Median Pending
2 = $888,750 -11.78 0 N/A 2

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

Sold +/- Median % +/- Active Median Pending
13 -7 $1,400,000 +7.69 14 $1,599,000 15

 

Santa Monica Condos

90401*

Sold +/- Median % +/- Active Median Pending
2 -3 $900,500 N/A 25 $2,025,000 15

90402

Sold +/- Median % +/- Active Median Pending
10 +1 $1,468,750 +12.98 4 $2,949,000 10

90403

Sold +/- 2011 Median % +/- Active Median Pending
25 -8 $873,000 +7.78 15 $845.000 21

90404

Sold +/- 2011 Median % +/- Active Median Pending
18 -2 $607,250 +15.12 13 $649,000 20

90405

Sold % +/- Median % +/- Active Median Pending
23 +9 $590,000 +15.86 20 $624,000 17

 

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

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

* This reflects sales in the new development, The Waverly.

Not surprisingly, the median price is up across the board except for homes in 90404, but with only two sales to show this is a reflection of the types of homes sold.

There is still a severe shortage of inventory so we wait and see.

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