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
$1,749,000 : 2260 26th Street, Santa Monica3 beds, 1 full, 1 part baths
$4,595,000 : 165 Mabery Road, Santa Monica5 beds, 2 full, 1 part baths
$1,450,000 : 2029 Ashland Avenue, Santa Monica3 beds, 1 full, 1 part baths
$4,250,000 : 427 Palisades Avenue, Santa Monica4 beds, 3 full baths
$3,295,000 : 615 25th Street, Santa Monica3 beds, 3 full baths
$995,000 : 745 Navy Street, Santa Monica1 bed, 1 full bath
$1,199,000 : 2642 31st Street, Santa Monica2 beds, 1 full, 1 part baths
$3,595,000 : 848 25th Street, Santa Monica5 beds, 4 full, 1 part baths
$3,495,000 : 638 Hill Street, Santa Monica5 beds, 5 full, 1 part baths
$3,995,000 : 707 21st Place, Santa Monica5 beds, 3 full, 2 part baths
$6,925,000 : 612 East Channel Road, Santa Monica5 beds, 4 full, 2 part baths
$3,995,000 : 369 22nd Street, Santa Monica5 beds, 4 full, 1 part baths
$2,125,000 : 1757 Bryn Mawr Avenue, Santa Monica4 beds, 4 full baths
$3,300,000 : 833 23rd Street, Santa Monica5 beds, 6 full baths
$1,295,000 : 2027 Pearl Street, Santa Monica3 beds, 1 full bath
See all Santa Monica Homes for Sale.
(all data current as of 5/28/2015)
Listing information deemed reliable but not guaranteed. Read full disclaimer.
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