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
$849,900 : 1012 MICHIGAN Avenue, Santa Monica1 bed, 1 full bath
$6,750,000 : 323 ADELAIDE Drive, Santa Monica4 beds, 2 full, 2 three-quarter, 2 half baths
$5,499,000 : 728 12TH Street, Santa Monica5 beds, 5 full, 1 half baths
$1,685,000 : 2244 24TH Street, Santa Monica3 beds, 2 full baths
$20,832,000 : 435 MARGUERITA Avenue, Santa Monica6 beds, 1 full, 6 three-quarter, 2 half baths
$2,500,000 : 817 25TH Street, Santa Monica2 beds, 1 full, 1 three-quarter baths
$3,989,000 : 536 E RUSTIC Road, Santa Monica4 beds, 3 full baths
$2,395,000 : 2727 11TH Street, Santa Monica2 beds, 3 full baths
$1,500,000 : 2240 16TH Street, Santa Monica5 beds, 1 full, 1 three-quarter baths
$1,250,000 : 2525 4TH Street, Santa Monica2 beds, 1 full, 1 half baths
$1,889,000 : 2326 CALIFORNIA Avenue, Santa Monica2 beds, 2 full baths
$1,450,000 : 1626 BERKELEY Street, Santa Monica2 beds, 1 full bath
$1,450,000 : 1622 BERKELEY Street, Santa Monica2 beds, 1 full bath
$1,535,000 : 1735 BRYN MAWR Avenue, Santa Monica2 beds, 1 full bath
$1,400,000 : 1720 FRANKLIN Street, Santa Monica1 bed, 1 full bath
See all Santa Monica Homes for Sale.
(all data current as of 2/26/2017)
Listing information deemed reliable but not guaranteed. Read full disclaimer.
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