Santa Monica Real Estate Market. The Year in Review

Let’s check on on Santa Monica real estate and see how 2012 sales compare to the previous year.  Since each of the Santa Monica zip codes differs in pricing and demographics from the others, the numbers are broken down that way.

Santa Monica Real Estate Market Year in Review

90401 – this is primarily a business district so you will see little or no activity here.

Sold +/- 2011 Median +/- 2011 Active Median Pending
2  +1  $3,537,500 N/A 2 $1,847,500 0

 
90402 - which includes the areas of Santa Monica Canyon, North of San Vicente,  and North of Montana and the northern part of Ocean Avenue (which includes the luxury condo buildings).

Sold +/- 2011 Median +/- 2011 Active Median Pending
119  +19 $2,775,000 +21.34% 12 $3,476,450 4

 
 90403  – North of Wilshire, parts of Ocean Avenue (also including some of the luxury condo complexes),

Sold +/- 2011 Median +/- 2011 Active Median Pending
 34 -1 $1,605,000 +10.69%  5 $1,750,000 3

 
90404 - Mid-City and Sunset Park – a combination of residential and commercial buildings.

Sold +/- 2011 Median +/- 2011 Active Median Pending
 14 +7 $642,500 +12.72% 0 N/A 4

 
90405 – Pico District and Ocean Park – also a combination of upscale residential and commercial buildings.

Sold +/- 2011 Median +/- 2011 Active Median Pending
 103 +1 $1,020,000  +0.67% 10 $1,524,000 6

 

Seller’s Market Stable Market Buyers’ Market
Less than 5 months inventory 5 to 7 months inventory More than 7 months inventory

 
Santa Monica Condos

90401

Sold +/- 2011 Median +/- 2011 Active Median Pending
 16  +6  $590,000 +10.69% 1 $585,000 1

90402 

Sold +/- 2011 Median +/- 2011 Active Median Pending
 51 +15 $1,150,000 +15.58% 11 $975,000 2

 90403 

Sold +/- 2011 Median +/- 2011 Active Median Pending
 185  +52 $765,000 +3.94% 15 $810,000 4

90404 

Sold +/- 2011 Median +/- 2011 Active Median Pending
104 +27 $484,500 -5.92% 8 $985,000 8

90405 

Sold +/- 2011 Median +/- 2011 Active Median Pending
114 +8 $664,500 +8.27% 10 $682,500 5

 

All information provided by MLS/CLAW is deemed accurate but is not guaranteed.

Santa Monica real estate continues to be an extreme sellers’ market.  In all instances except 90404 condo sales, Santa Monica real estate median prices are up.  Taken overall:

Santa Monica single family median homes sales are up 13.79%
Santa Monica condo sales are up 3.85%.

Inventory is extremely low with only 29 single family homes and 55 condos available for purchase.  So if you are thinking of selling your Santa Monica home, now is definitely a great time.

Homes for Sale in Santa Monica

Buying or Selling Los Angeles Real Estate

For more information on how I can best serve your Los Angeles real estate needs, don’t hesitate to fill out the contact form or give me a call at 310-473-6919.

Jane Peters

Jane Peters is a Los Angeles Realtor®, specializing in absentee owners, out-of-town-buyers and those needing that extra personal touch to make the buying and selling of Los Angeles real estate a smooth and, believe it or not, fun process.

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