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
$1,965,000 : 1717 SUNSET Avenue, Santa Monica3 beds, 2 full, 1 half baths
$1,199,000 : 1424 BAY Street, Santa Monica3 beds, 1 full bath
$3,995,000 : 540 DRYAD Road, Santa Monica5 beds, 5 full baths
$2,450,000 : 400 ENTRADA Drive, Santa Monica4 beds, 3 full, 1 half baths
$2,195,000 : 1144 11TH Street, Santa Monica2 beds, 1 full bath
$4,995,000 : 556 DRYAD Road, Santa Monica4 beds, 5 full baths
$1,050,000 : 1649 CENTINELA Avenue, Santa Monica2 beds, 1 full bath
$4,479,000 : 624 KINGMAN Avenue, Santa Monica4 beds, 4 full baths
$2,895,000 : 706 10TH Street, Santa Monica3 beds, 2 full baths
$1,950,000 : 386 ENTRADA Drive, Santa Monica2 beds, 2 full baths
$1,895,000 : 2431 2ND Street, Santa Monica2 beds, 2 full baths
$1,585,000 : 1629 WELLESLEY Drive, Santa Monica3 beds, 2 full baths
$3,295,000 : 943 17TH Street, Santa Monica4 beds, 3 full, 1 half baths
$2,095,000 : 629 PICO Place, Santa Monica2 beds, 2 full baths
$2,595,000 : 958 24TH Street, Santa Monica3 beds, 2 full baths
See all Santa Monica Homes for Sale.
(all data current as of 6/30/2016)
Listing information deemed reliable but not guaranteed. Read full disclaimer.
Buying or Selling Los Angeles Real Estate
Buying or selling a Los Angeles home can be a daunting process in a city this size, especially if you’re new to L.A. Town. You’ll need a resident expert to show you around and help you narrow down the areas where you might like to live. I will help you find the perfect home in the right area to fit your lifestyle, budget and needs!
When I list and sell Los Angeles homes for my clients I strive to make the experience a pleasant one. My mission is to provide outstanding service while utilizing the best practices and systems available.
If you are an absentee owner, you’ll need someone to handle all the details that you can’t handle remotely. That’s where I come in – I’m there when you can’t be. I also specialize in lease property in Los Angeles.
Westside Los Angeles Real Estate, including, but not limited to:
- Westwood Real Estate – Westwood single family homes, Westwood condominiums, Wilshire Corridor condominiums, Century City condominiums
- Brentwood Real Estate – Brentwood single family homes, Brentwood condominiums
- Santa Monica Real Estate – Santa Monica single family homes, Santa Monica condominiums
- Beverly Hills Real Estate – Beverly Hills single family homes, Beverly Hills condominiums
- Culver City Real Estate – Culver City homes
- Silver Lake Real Estate – Silver Lake single homes
- Echo Park Real Estate – Echo Park homes
For more information on how I can best serve your Los Angeles real estate needs, don’t hesitate to fill out the contact form or give me a call at 310-473-6919.