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
$1,980,000 : 2657 31st Street, Santa Monica4 beds, 3 full, 1 half baths
$2,499,000 : 1110 Yale Street, Santa Monica4 beds, 3 full baths
$900,000 : 2036 Yorkshire Avenue, Santa Monica2 beds, 1 full bath
$1,985,000 : 1203 Maple Street, Santa Monica3 beds, 2 full, 1 three-quarter baths
$7,400,000 : 659 East Channel Road, Santa Monica4 beds, 2 full, 1 three-quarter, 1 half baths
$5,950,000 : 528 Marguerita Avenue, Santa Monica5 beds, 3 full baths
$2,395,000 : 629 Pico Place, Santa Monica2 beds, 2 full baths
$8,295,000 : 50 Haldeman Road, Santa Monica5 beds, 3 full, 2 three-quarter, 1 half baths
$4,495,000 : 911 22nd Street, Santa Monica5 beds, 5 full, 1 half baths
$3,795,000 : 2523 3rd Street, Santa Monica4 beds, 3 full, 1 half, 1 quarter baths
$3,300,000 : 236 23rd Street, Santa Monica4 beds, 4 full baths
$2,100,000 : 2629 6th Street, Santa Monica3 beds, 2 full baths
$2,995,000 : 2422 32nd Street, Santa Monica4 beds, 4 full, 1 half baths
$3,150,000 : 2211 Dewey Street, Santa Monica5 beds, 5 full baths
$3,395,000 : 816 San Vicente, Santa Monica4 beds, 3 full baths
See all Santa Monica Homes for Sale.
(all data current as of 2/6/2016)
Listing information deemed reliable but not guaranteed. Read full disclaimer.
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