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
$1,599,000 : 2229 Cloverfield, Santa Monica3 beds, 1 full, 1 part baths
$2,595,000 : 903 18th Street, Santa Monica3 beds, 2 full baths
$11,500,000 : 415 7th Street, Santa Monica7 beds, 7 full, 3 part baths
$1,900,000 : 1755 Ocean Avenue, Unit 608, Santa Monica1 bed, 1 full bath
$7,950,000 : 835 San Vicente Boulevard, Santa Monica5 beds, 5 full, 2 part baths
$2,995,000 : 420 Mesa Road, Santa Monica6 beds, 2 full, 2 part baths
$2,895,000 : 433 9th Street, Santa Monica3 beds, 2 full baths
$5,650,000 : 556 Dryad Road, Santa Monica4 beds, 5 full baths
$3,995,000 : 1401 Georgina Avenue, Santa Monica5 beds, 5 full, 1 part baths
$3,385,000 : 2211 Dewey Street, Santa Monica5 beds, 5 full baths
$4,200,000 : 218 Alta Avenue, Santa Monica3 beds, 2 full baths
$3,285,000 : 2215 Dewey Street, Santa Monica5 beds, 4 full, 1 part baths
$1,699,000 : 1725 Michigan Avenue, Santa Monica3 beds, 2 full, 1 part baths
$5,600,000 : 416 18th Street, Santa Monica5 beds, 5 full baths
$3,289,000 : 2432 32nd Street, Santa Monica5 beds, 3 full, 1 part baths
See all Santa Monica Homes for Sale.
(all data current as of 11/25/2015)
Listing information deemed reliable but not guaranteed. Read full disclaimer.
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