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 7/31/2014)
$980,000 : 813 PIER AVE, Santa Monica1 bed, 1 full bath
$869,000 : 1903 WARWICK AVE, Santa Monica3 beds, 1 full bath
$1,199,000 : 1927 18th Street, Santa Monica2 beds, 1 full bath
$4,995,000 : 241 19TH ST, Santa Monica5 beds, 5 full, 1 part baths
$4,495,000 : 721 23RD ST, Santa Monica5 beds, 4 full, 2 part baths
$1,458,000 : 640 HILL ST, Santa Monica3 beds, 2 full baths
$2,989,000 : 621 HIGHTREE RD, Santa Monica4 beds, 3 full baths
$1,900,000 : 1205 MAPLE ST, Santa Monica4 beds, 3 full baths
$11,888,000 : 345 W CHANNEL RD, Santa Monica8 beds, 8 full, 5 part baths
$2,275,000 : MLS # 14778221 in Santa Monica3 beds, 3 full baths
$2,595,000 : 815 CENTINELA AVE, Santa Monica4 beds, 2 full, 1 part baths
$1,889,000 : 2516 29TH ST, Santa Monica4 beds, 2 full, 1 part baths
$1,295,000 : 2528 32ND ST, Santa Monica2 beds, 1 full bath
$1,595,000 : 2817 VIRGINIA AVE, Santa Monica3 beds, 3 full baths
$2,195,000 : 3021 PEARL ST, Santa Monica4 beds, 4 full, 1 part baths
Listing information deemed reliable but not guaranteed. Read full disclaimer.
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