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
$4,450,000 : 2711 2ND Street, Santa Monica3 beds, 3 full, 1 half baths
$3,975,000 : 402 ALTA Avenue, Santa Monica4 beds, 4 full, 1 half baths
$3,250,000 : 2525 31ST Street, Santa Monica4 beds, 4 full baths
$2,899,000 : 664 KINGMAN Avenue, Santa Monica3 beds, 2 full baths
$2,395,000 : 1038 25TH Street, Santa Monica3 beds, 2 full baths
$1,595,000 : 1120 OZONE Avenue, Santa Monica2 beds, 1 full bath
$1,365,000 : 3044 LINDA Lane, Santa Monica3 beds, 1 full, 1 three-quarter baths
$4,695,000 : 130 FOXTAIL Drive, Santa Monica4 beds, 3 full baths
$3,795,000 : 2536 5TH Street, Santa Monica3 beds, 4 full baths
$1,749,000 : 1760 WELLESLEY Drive, Santa Monica4 beds, 3 full baths
$5,595,000 : 2020 SAN VICENTE, Santa Monica5 beds, 6 full baths
$2,195,000 : 1247 25th Street, Santa Monica5 beds, 5 full baths
$1,295,000 : 1918 20TH Street, Santa Monica3 beds, 1 full bath
$5,900,000 : 463 18TH Street, Santa Monica5 beds, 4 full, 1 half baths
$1,199,500 : 3027 11TH Street, Santa Monica2 beds, 2 full baths
See all Santa Monica Homes for Sale.
(all data current as of 12/2/2016)
Listing information deemed reliable but not guaranteed. Read full disclaimer.
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