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
$1,995,000 : 711 Ozone Street, Santa Monica3 beds, 2 full, 1 half baths
$2,195,000 : 926 Centinela Avenue, Santa Monica3 beds, 2 full baths
$1,299,000 : 2622 25th Street, Santa Monica3 beds, 1 full bath
$1,585,000 : 1123 Ozone Avenue, Santa Monica2 beds, 2 full, 1 half baths
$1,795,000 : 833 Bay Street, Santa Monica3 beds, 3 full baths
$1,400,000 : 2937 Virginia Avenue, Santa Monica3 beds, 2 full baths
$6,550,000 : 700 Kingman Avenue, Santa Monica4 beds, 4 full, 1 three-quarter baths
$1,949,000 : 2010 Pier Avenue, Santa Monica3 beds, 2 full baths
$5,495,000 : 19 Seaview Terrace, Santa Monica4 beds, 3 full baths
$1,350,000 : 1714 Wellesley Drive, Santa Monica2 beds, 1 full bath
$1,595,000 : 667 Marine Street, Santa Monica2 beds, 1 full bath
$1,495,000 : 2211 Hill Street, Santa Monica3 beds, 2 full baths
$1,278,000 : 2211 23rd Street, Santa Monica2 beds, 1 full bath
$3,399,000 : 551 Lincoln, Santa Monica5 beds, 4 full baths
$2,275,000 : 2727 11th Street, Santa Monica2 beds, 2 full, 1 three-quarter baths
See all Santa Monica Homes for Sale.
(all data current as of 5/1/2016)
Listing information deemed reliable but not guaranteed. Read full disclaimer.
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