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A QUICK INTRODUCTION TO THE SANTA MONICA REAL ESTATE MARKET

 

As far as real estate is concerned, Santa Monica is practically perfect…from weather to recreation…from shopping to air-quality, this incorporated city boasts its own school district, excellent health-care, as well as full-response Police and Fire Departments.   Many consider this city to be the jewel of California.
 
Santa Monica is situated on the Santa Monica Bay of the Pacific Ocean and is bordered by the City of Los Angeles…Pacific Palisades and Brentwood on the north, West Los Angeles and Mar Vista on the east, and Venice on the south.
 
Towards the beach as well as the north end, there is a wide variety of housing both old and new.  This consists of apartments and condos, as well as beautiful large homes, many of which have views of the ocean or of the Santa Monica Canyon.
 
Santa Monica’s south side called Ocean Park, has beautiful tree-lined streets filled with spacious homes. With this great variety of housing, Santa Monica attracts both the single professional and families.  Additionally, the school system is of the highest caliber and consistently ranks high in the state.
 
The 2007 estimate from the California State Department of Finance places the population at 91,100.   Thanks in large part to the late 1980’s downtown revitalization efforts, Santa Monica has experienced amazing job growth and increased tourism for the past two decades.

Santa Monica is named for Saint Monica of Hippo because the area on which the city is now located was first visited by Spaniards on her feast day. In the skateboard and surfing communities, Santa Monica's Ocean Park neighborhood and adjacent parts of Venice are sometimes called Dogtown, while other locals refer to the city as a whole as “SaMo.”

On Wednesday and Saturday mornings, Santa Monica's Third Street Promenade, a large open-air mall, hosts a farmer's market filled with fresh organic produce, cheese, flowers and fresh fish. It also boasts a popular indoor shopping mall, several movie theatre complexes as well as a world famous Pier…all within about 5 miles of LAX.
 
Another amazing feature of Santa Monica is the 30-mile bike/roller-blade path right on the beach.  This beautiful beach path is known the world over for its beauty and fun…and it starts on the north end at Pacific Palisades and goes all the way south to Palos Verdes.  It’s quite a work out and on any given day it’s filled with beach-lovers of all ages.

The city of Santa Monica is truly a wonderful place to call home.  And all of us at REALESTATE-SANTAMONICA.COM would be happy to help you make the dream of living here a reality.
 
REAL ESTATE MARKET SNAP SHOT

From statistics obtained from the area’s Multiple Listing Service, we see that currently year-to-date, Santa Monica has experienced more than a 25% increase in the median price when compared with year-to-date 2007.

Sellers are finding that homes which are well priced continue to sell quickly and often in multiple offers, and the fact that inventory is high and homes are on the market a bit longer really make this a great time for buyers as well.

Real Estate Price Trends
The median single family home price as of April 20 2008 for SANTA MONICA is $1,969,536

Housing Market Conditions
With a Market Action Index as of April 20 2008 at 13.94, SANTA MONICA is currently a buyer's market.

Home Sales and Demand Trends
The average property in SANTA MONICA as of April 20 2008 has been on the market for about 81 days.

Price Per Square Foot
The median price per square foot for homes in SANTA MONICA as of April 20 2008 is about $775

Homes for Sale
There are about 108 properties on the market in SANTA MONICA as of April 20 2008.


 



Market Snapshot - May 2008
 

Santa Monica Single Family Home Sales
Total Sold Dollar Volume: $ 29,895,000
Average Selling Price: $ 2,491,250
Average List Price: $ 2,557,041
Avg Sales Price/Avg. List Price: 97.4%
Median Price: $ 2,352,500
Average Days on Market: 89
Number of Listings Sold: 12

Santa Monica Condo Home Sales
Total Sold Dollar Volume: $ 27,738,250
Average Selling Price: $ 894,782
Average List Price: $ 941,058
Avg Sales Price/Avg. List Price: 95.1%
Median Price: $ 729,000
Average Days on Market: 78
Number of Listings Sold: 31

 
 

Market Snapshot - April 2008
 

Santa Monica Single Family Home Sales
Total Sold Dollar Volume: $ 45,450,000
Average Selling Price: $ 2,673,529
Average List Price: $ 2,850,758
Avg Sales Price/Avg. List Price: 93.8%
Median Price: $ 2,200,000
Average Days on Market: 67
Number of Listings Sold: 17

Santa Monica Condo Home Sales
Total Sold Dollar Volume: $ 27,827,141
Average Selling Price: $ 897,649
Average List Price: $ 944,337
Avg Sales Price/Avg. List Price: 95.1%
Median Price: $ 749,000
Average Days on Market: 93
Number of Listings Sold: 31
 

Market Snapshot - March 2008
 
Santa Monica Single Family Home Sales
Total Sold Dollar Volume: $ 19,930,235
Average Selling Price: $ 1,811,839
Average List Price: $ 1,842,545
Avg Sales Price/Avg. List Price: 98.3%
Median Price: $ 2,134,235
Average Days on Market: 35
Number of Listings Sold: 11

Santa Monica Condo Home Sales
Total Sold Dollar Volume: $ 12,104,250
Average Selling Price: $ 756,515
Average List Price: $ 800,618
Avg Sales Price/Avg. List Price: 94.5%
Median Price: $ 697,500
Average Days on Market: 97
Number of Listings Sold: 16

 


 


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