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
$3,395,000 : 375 Sycamore Road, Santa Monica4 beds, 4 full baths
$2,399,000 : 2300 California Avenue, Santa Monica3 beds, 2 full baths
$800,000 : 1012 Michigan Avenue, Santa Monica1 bed, 1 full bath
$3,295,000 : 927 26th Street, Santa Monica7 beds, 5 full, 1 half baths
$1,895,000 : 1745 Wellesley Drive, Santa Monica4 beds, 3 full baths
$1,539,000 : 3043 Linda Lane, Santa Monica3 beds, 2 full baths
$1,449,000 : 2920 Kansas Avenue, Santa Monica3 beds, 3 full, 1 half baths
$6,250,000 : 2550 La Mesa Way, Santa Monica4 beds, 3 full, 2 three-quarter, 1 half baths
$4,700,000 : 301 20th Street, Santa Monica5 beds, 3 full, 1 three-quarter, 1 half baths
$2,137,500 : 2431 2nd Street, Santa Monica2 beds, 2 full baths
$4,095,000 : 369 22nd Street, Santa Monica5 beds, 4 full, 1 half baths
$5,249,000 : 2511 Beverley Avenue, Santa Monica4 beds, 3 full baths
$1,888,000 : 2308 California Avenue, Santa Monica2 beds, 2 full baths
$3,680,000 : 610 18th Street, Santa Monica3 beds, 3 full, 1 half baths
$2,350,000 : 420 Entrada Drive, Santa Monica3 beds, 2 full baths
See all Santa Monica Homes for Sale.
(all data current as of 5/28/2016)
Listing information deemed reliable but not guaranteed. Read full disclaimer.
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