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
$1,747,000 : 2431 2ND Street, Santa Monica2 beds, 2 full baths
$3,700,000 : 327 18th Street, Santa Monica3 beds, 3 full baths
$3,987,000 : 2536 5TH Street, Santa Monica3 beds, 4 full baths
$3,250,000 : 702 14th Street, Santa Monica4 beds, 3 full, 1 half baths
$1,499,000 : 2301 HILL Street, Santa Monica2 beds, 1 full, 1 three-quarter baths
$3,000,000 : 611 HIGHTREE Road, Santa Monica2 beds, 2 full baths
$1,395,000 : 3218 COLORADO Avenue, Santa Monica3 beds, 2 full baths
$1,499,990 : 2216 Ashland Avenue, Santa Monica4 beds, 3 full baths
$1,725,000 : 1635 BRYN MAWR Avenue, Santa Monica3 beds, 2 full baths
$1,998,000 : 928 26th Street, Santa Monica2 beds, 1 full bath
$1,745,000 : 3014 DELAWARE Avenue, Santa Monica3 beds, 3 full baths
$3,250,000 : 609 HIGHTREE Road, Santa Monica3 beds, 3 full baths
$3,099,000 : 664 KINGMAN Avenue, Santa Monica3 beds, 1 full, 1 three-quarter baths
$1,625,000 : 702 MARINE Street, Santa Monica3 beds, 1 full bath
$4,695,000 : 215 21ST Place, Santa Monica5 beds, 3 full, 1 three-quarter, 1 half baths
See all Santa Monica Homes for Sale.
(all data current as of 9/28/2016)
Listing information deemed reliable but not guaranteed. Read full disclaimer.
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