The Santa Monica real estate market is currently in a neutral to warm market leaning toward the seller side. Home value index puts prices at about $1.4 million, a 5.7% change over last year. The median sales price for Santa Monica is about $1,443,000. This puts the price per square foot at about $1060. The median price per month for rent is at $6500, an increase over October and November of last year but actually a decrease as of January and February, which with the median rent at $7200.
The median sales price has been slowly inching up since November, where it hit its all-time low over the last 12 months at less than $1.2 million. In February it jumped to nearly $1.5 million and has leveled out over the last couple of months to about $1.4 million.
The median list price for the entire area of Santa Monica, including single-family houses and condominiums, comes in at $2.0 million. The median closing price or sales price is still around the $1.5 million to $1.6 million.
Days on the market are between 30 and 45 days, which is pretty average for a warm sellers markets. Active inventory is about 98 properties with about 63 of those being condominiums or townhouses. The inventory has decreased about 18% over the last month and median list price has actually gone down 11% since April 2017.
What does this mean for buyers and sellers? Because it's a fairly neutral market both buyers and sellers can benefit. Sellers are getting good prices from the sale of their home and buyers are still finding good deals around the area.
If you're looking to buy or sell anywhere in the Santa Monica or even the Los Angeles area please contact me today. Because I have agents all up and down the West Coast I have an agent specifically working in your area for condominiums or single-family homes.