A month of the new year has already gone. How is the Santa Monica real estate market doing? Let’s compare January statistics to December’s. Are sales looking up? How are the prices?
|Zip Code||Sold||+/- Dec.||Price Range||Median||+/- Dec|
Median Price Range
|90402||4||-16||$2,359.650 to $3,970,000||$3,250,000||+22.55%||14||$6,172,500||4||7|
|90403||3||=||$1,500,000 to $3,650,000||$2,300,000||-5.15%||4||$2,985,000||1||4|
|90404||3||-10||$267,000 to $420,000||$330,000||-34%||8||$662,000||6||10|
|90405||3||-8||$260,000 to $565,000||$459,000||+-3.34%||12||$637,000||4||8|
Leaving aside zip code 90401, a commercial neighborhood in the City, Santa Monica continues to be a sellers’ market. Sales are down significantly over December, with only 13 homes sold, probably attributable to the lack of new inventory.
There are a total of 22 homes currently under contract and 17 new homes listed in January.
The absorption rate below is based on the past 6 months sales trend
|Seller’s Market||Stable Market||Buyers’ Market|
|Less than 5 months inventory||5 to 7 months inventory||More than 7 months inventory|
|Zip Code||Sold||+/- Dec.||Price Range||Median||+/- Dec.|
|90401||2||-1||317,500 to $325,000||$321,350||-34.52%||4||$607,000||2||2|
|90403||8||-10||$447,000 to $1,567,170||$842,000||+3.04%||20||$889,500||13||14|
|90404||3||-13||$267,000 to $420,000||$330,000||-30.75%||8||$662,000||6||16|
|90405||4||-7||$260,000 to $858,000||$512,000||-22.31%||12||$637,000||4||7|
Information provided by the MLS/CLAW deemed reliable but not guarantee
As with the single family market Santa Monica condo sales were way down in January compared with December. However, there are 45 units under contract, and 31 new units came on the market this month. February is shaping up to be a good month for Santa Monica real estate.
Previous Market Reports
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