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 4/25/2015)
$5,950,000 : 634 Hightree Road, Santa Monica5 beds, 4 full, 2 part baths
$3,649,000 : 238 19th Street, Santa Monica4 beds, 2 full, 2 part baths
$4,200,000 : 700 Navy Street, Santa Monica3 beds, 3 full baths
$2,999,000 : 706 Navy Street, Santa Monica3 beds, 3 full baths
$1,595,000 : 1607 Marine Street, Santa Monica3 beds, 3 full baths
$2,495,000 : 2621 Washington Avenue, Santa Monica4 beds, 2 full, 2 part baths
$2,375,000 : 960 22nd Street, Santa Monica3 beds, 2 full, 1 part baths
$1,695,000 : 2321 26th Street, Santa Monica3 beds, 2 full baths
$1,999,000 : 511 Marine Street, Santa Monica2 beds, 1 full bath
$1,829,000 : 263 Entrada Drive, Santa Monica2 beds, 2 full baths
$8,665,000 : 101 17th Street, Santa Monica6 beds, 7 full, 3 part baths
$3,895,000 : 26 Arcadia Terrace, Santa Monica4 beds, 5 full baths
$2,099,000 : 2307 Ashland Avenue, Santa Monica5 beds, 5 full, 1 part baths
$3,100,000 : 1781 Bryn Mawr Avenue, Santa Monica4 beds, 4 full, 1 part baths
$1,269,000 : 2926 Urban Avenue, Santa Monica3 beds, 2 full baths
Listing information deemed reliable but not guaranteed. Read full disclaimer.
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