It is that time of the year again, the beginning of a new one, and time to look back at how the Santa Monica real estate market fared in 2011.
What is Market Absorption?
Market absorption trends show the rate that properties are selling compared with inventory which enables us to see if it is a sellers’ or buyers’ market.
6 months worth of inventory is a balanced market. Under 6 months is a sellers’ market, and anything over 6 months is a buyers’ market.
So how is the Santa Monica real estate market doing?
Surprisingly, the under $2M Santa Monica single family home market showing a bigger drop than the higher end homes, although both are showing a larger decrease over 2011. The median price is down at the lower end, but the sales vs list price is slightly up, indicating that homes priced well are selling close to asking. Also, with inventory at around 2 months, Santa Monica home sellers should consider this a good time to put their homes on the market.
The higher end market is a buyers’ market
Santa Monica condos are also showing a decrease across the board, number of sales, median price, and sales to list price, but the inventory is low, so if you are thinking of selling a Santa Monica condo now would be a good time.
Previous Santa Monica Housing Market Reports
$3,495,000 : 918 YALE Street, Santa Monica5 beds, 3 full, 2 three-quarter baths
$9,250,000 : 1024 PALISADES BEACH Road, Santa Monica5 beds, 3 full, 4 three-quarter, 1 half baths
$5,495,000 : 14186 ALISAL Lane, Santa Monica5 beds, 4 full baths
$5,500,000 : 660 BROOKTREE Road, Santa Monica4 beds, 3 full baths
$1,600,000 : 1802 NAVY Street, Santa Monica3 beds, 2 full baths
$5,200,000 : 234 MARGUERITA Avenue, Santa Monica4 beds, 4 full baths
$1,249,000 : 1767 SUNSET Avenue, Santa Monica2 beds, 1 full bath
$1,699,000 : 809 OZONE Street, Santa Monica3 beds, 2 full, 1 half baths
$3,695,000 : 614 CALIFORNIA Avenue, Santa Monica4 beds, 4 full, 1 half baths
$1,200,000 : 3007 3RD Street, Santa Monica2 beds, 2 full baths
$2,950,000 : 319 11TH Street, Santa Monica2 beds, 2 full baths
$2,499,000 : 932 YALE Street, Santa Monica3 beds, 1 full, 1 three-quarter baths
$7,100,000 : 323 ADELAIDE Drive, Santa Monica4 beds, 2 full, 2 three-quarter, 2 half baths
$6,595,000 : 920 Alta Avenue, Santa Monica6 beds, 2 full, 3 three-quarter, 2 half baths
$1,600,000 : 207 ENTRADA Drive, Santa Monica2 beds, 1 full bath
See all Santa Monica Homes for Sale.
(all data current as of 10/23/2016)
Listing information deemed reliable but not guaranteed. Read full disclaimer.
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