The Santa Monica real estate market has been very active this year because of the record low rates. As of today there have been 218 single family homes that have sold with a median price of $1.5M comparing to last years total sales of 190 homes with a median price of $1.625. We have seen a drop in price of about 7% from last year but an increase in volume. There are currently 94 homes on the market and about 37 homes in escrow or under contract which tells us of a very active market. The median asking price range is at $1.6M.
I am seeing that the condo market this year will surpass the figure of 373 condos that sold last year. As of to date, there are already 323 condos sold with another 64 condos under contract. The median price this year is at $660,000 and has not changed much from last years $665,000.
What I am experiencing in this market is that the only properties that move are the ones that the public and brokerage community perceive to be of a great value. It has to be positioned well that they think that if they do not make a move on it today, that it will not be there tomorrow.