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
See all Santa Monica Homes for Sale.
(all data current as of 10/30/2014)
$6,750,000 : 302 23RD ST, Santa Monica6 beds, 7 full, 1 part baths
$5,650,000 : 1343 PALISADES BEACH RD, Santa Monica4 beds, 4 full, 1 part baths
$3,795,000 : 527 19TH ST, Santa Monica3 beds, 1 full, 2 part baths
$1,599,000 : 1309 CEDAR ST, Santa Monica3 beds, 1 full, 1 part baths
$3,749,000 : 1045 HARVARD ST, Santa Monica5 beds, 6 full baths
$2,599,000 : 2324 30TH ST, Santa Monica4 beds, 4 full baths
$2,195,000 : 901 23RD ST, Santa Monica3 beds, 1 full, 1 part baths
$1,295,000 : 737 RAYMOND AVE, Santa Monica3 beds, 2 full baths
$1,595,000 : 2817 VIRGINIA AVE, Santa Monica3 beds, 3 full baths
$3,695,000 : 340 11TH ST, Santa Monica4 beds, 3 full, 1 part baths
$1,559,000 : 144 PACIFIC ST, Santa Monica3 beds, 2 full baths
$3,195,000 : 374 E RUSTIC RD, Santa Monica4 beds, 4 full, 1 part baths
$1,399,000 : 823 PINE ST, Santa Monica3 beds, 2 full baths
$2,495,000 : 834 MAPLE ST, Santa Monica4 beds, 2 full, 3 part baths
$1,995,000 : 314 AMALFI DR, Santa Monica2 beds, 2 full baths
Listing information deemed reliable but not guaranteed. Read full disclaimer.
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