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 3/11/2014)
$5,695,000 : 224 18TH ST, Santa Monica7 beds, 7 full, 1 part baths
$1,850,000 : 918 5TH ST, Santa Monica1 bed, 1 full bath
$1,598,000 : 2662 32ND ST, Santa Monica4 beds, 1 full, 2 part baths
$1,450,000 : 2344 27TH ST, Santa Monica2 beds, 1 full, 1 part baths
$2,549,000 : 634 KINGMAN AVE, Santa Monica2 beds, 2 full baths
$1,795,000 : 622 26TH ST, Santa Monica4 beds, 1 full, 1 part baths
$1,795,000 : 1217 HILL ST, Santa Monica4 beds, 2 full baths
$2,678,000 : 452 21ST PL, Santa Monica2 beds, 2 full baths
$1,450,000 : 3316 PEARL ST, Santa Monica4 beds, 2 full baths
$800,000 : 754 NAVY ST, Santa Monica2 beds, 1 full bath
$5,595,000 : 522 21ST PL, Santa Monica6 beds, 5 full, 1 part baths
$1,800,000 : 2315 PIER AVE, Santa Monica3 beds, 3 full baths
$1,995,000 : 805 SAN VICENTE BLVD, Santa Monica2 beds, 2 full baths
$3,250,000 : 640 E CHANNEL RD, Santa Monica4 beds, 4 full, 1 part baths
$1,785,000 : 840 PINE ST, Santa Monica4 beds, 3 full baths
Listing information deemed reliable but not guaranteed. Read full disclaimer.
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