27 May 2010
Market Conditions for Sunset Park in Santa Monica, California

The Sunset Park neighborhood of Santa Monica, which has approximately 2700 single family homes, has been a very active market in the past few months. There are only 23 homes currently available with an average amount of more than 100 days listed on the market.

As of the third week of May, there are currently 15 properties that are in escrow and under contract. And since March of this year there have been 19 homes that have sold and closed escrow.

This is a positive market indicator of a neighborhood that shows a high demand with a very limited inventory.

In this market, buyers are being much more meticulous with their searches.  They are definitely looking for value since longer term goals are much more of the focus. I am seeing properties selling with multiple offers and selling above their asking prices. It is evident that buyers only make offers if they perceive that the value is there and the property might not be available tomorrow.

 

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13 Jan 2010
Santa Monica California Single-Family Home Statistics

Santa Monica Homes

2008-2009

  • Number Sold – 191 Number Sold – 188
  • Median Sales Price – $1,900,000 Median Sales Price – $1,505,500
  • Median Days on Market – 40 Median Days on Market – 45
  • Current Inventory Supply (as of 1/11/10) – 2.44 Months
  • (71 Active vs. 29 in escrow)
  • Inventory Supply at the Same Time Last Year – 14.7 Months
  • (103 Active vs. 7 in escrow)

1st Quarter 2008 1st Quarter 2009

  • Number Sold – 33 Number Sold – 13
  • Median Sales Price – $2,134,235 Median Sales Price – $1,500,000
  • Median Days on Market – 25 Median Days on Market – 35

2nd Quarter 2008 2nd Quarter 2009

  • Number Sold – 53 Number Sold – 50
  • Median Sales Price – $1,900,000 Median Sales Price – $1,650,000
  • Median Days on Market – 51 Median Days on Market – 45

3rd Quarter 2008 3rd Quarter 2009

  • Number Sold – 63 Number Sold – 70
  • Median Sales Price – $2,052,000 Median Sales Price – $1,620,000
  • Median Days on Market – 52 Median Days on Market – 54

4th Quarter 2008 4th Quarter 2009

  • Number Sold – 55 Number Sold – 54
  • Median Sales Price – $1,692,000 Median Sales Price – $1,249,500
  • Median Days on Market – 38 Median Days on Market – 43.5

 

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21 Sep 2009
Santa Monica Neighborhoods & Market Conditions

There are many different neighborhoods within the city of Santa Monica itself.  Each community has its own character and the market conditions also vary from neighborhood to neighborhood.  I’ll give you a thumbnail sketch of the different areas and the current markets, with a focus on condominiums and townhouses.In our current market we have about 141 total condos available for sale throughout Santa Monica.

The Sunset Park area of Santa Monica which covers the areas south of Pico Boulevard, North of Dewey, East of Lincoln Boulevard and West of Centinela consist of approximately 2709 single family homes. As of today, there are about 28 homes available in the price range of $895,000-$2.2 million and since the beginning of the year there have been 29 homes sold in the range of $610,000 to $2.2 million.  These neighborhood consist also of approx 739 condos and there are only 9 units available as of today on the market. They range in prices from a 1 bedroom at $395,000 to a 3 bedroom townhouse at $859,000. There have been 12 units sold since January 2009 with prices ranging from $445,000 – $825,000.

In the North of Wilshire Boulevard neighborhood, you might be able to get a 1 bedroom condo starting at $450,000 and a 2 bedroom with a start price of $650,000.

Ocean Avenue condos that are currently available range in prices from $700,000 – $6 million.

Condos in the Mid City area, which covers the area south of Wilshire to Colorado Ave on the south, and Centinlea Ave on the east, and Lincoln to the west,  total approximately 1500 condos.  A 1 bedroom can be had in the range of $400,000 and a 2 bedrooom starting at $450,000 to $1.3 million.

The Ocean Park area is anything west of Lincoln and South of Pico. This area covers the neighborhood all the way to the ocean. A small 2 bedroom that is on the market is available at $475,000 and can go all the way up to $2.8 million.

The numbers of available units and approximate prices will give you some idea of the current market for condominiums and townhouses in Santa Monica.  I hope this will help you in your pursuit of the perfect property.

 

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Buying Real Estate, Economy, First-Time Home Buyers, Real Estate Finance, Santa Monica, California, West Los Angeles
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