By Jodi Summers
The tide has turned; it is officially a sellerâ€™s market in Santa Monica. Experts consider market parity to be 3.7 months of inventory, and according to Clarus Market Metrics, in March, we had 2.2 months of residential property on the market in Santa Monica < down 49% from two years ago.
Santa Monica â€“ Months Supply of Residential Inventory â€“ April 2012
As usual, residential real estate in Santa Monica defies the trends. The California Association of Realtors reports that the inventory of unsold single-family detached homes in the state was 5.3 months in February, down from 7.5 months in February 2011. Los Angeles County found itself with a 5.7 month supply of single-family homes in February (compared with 7.8 months a year ago).
If youâ€™re in Santa Monica and have been on the sidelines waiting for the market to pick up, your time has arrived. If you look back over the past two years, the number of new properties is down 40%â€¦
Continued @ http://www.santamonicapropertyblog.com/?p=4269