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
$1,899,000 : 1840 17th Street, Santa Monica3 beds, 1 full bath
$3,390,000 : 438 11TH Street, Santa Monica3 beds, 3 full baths
$4,995,000 : 459 22ND Street, Santa Monica4 beds, 4 full, 1 half baths
$6,395,000 : 920 Alta Avenue, Santa Monica6 beds, 2 full, 3 three-quarter, 2 half baths
$1,399,000 : 3344 DELAWARE Avenue, Santa Monica4 beds, 2 full baths
$3,295,000 : 235 15TH Street, Santa Monica2 beds, 1 full, 1 three-quarter baths
$6,195,000 : 323 ADELAIDE Drive, Santa Monica4 beds, 2 full, 2 three-quarter, 2 half baths
$5,699,000 : 209 EUCLID Street, Santa Monica5 beds, 5 full, 2 half baths
$2,400,000 : 1438 12TH Street, Santa Monica4 beds, 3 full baths
$5,757,750 : 26 ARCADIA Terrace, Santa Monica6 beds, 5 full, 1 half baths
$1,995,000 : 2335 31ST Street, Santa Monica4 beds, 3 full baths
$2,295,000 : 2216 HILL Street, Santa Monica3 beds, 2 full baths
$3,850,000 : 2215 DEWEY Street, Santa Monica5 beds, 4 full, 1 half baths
$3,750,000 : 905 BERKELEY Street, Santa Monica4 beds, 4 full, 1 half baths
$1,899,900 : 614 Washington Avenue, Santa Monica3 beds, 2 full baths
See all Santa Monica Homes for Sale.
(all data current as of 4/25/2017)
Listing information deemed reliable but not guaranteed. Read full disclaimer.
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