January 2012

Inventory is approximately half of what it was at is peak in the summer. As of January 16, there were 67 single-family homes on the market in Santa Monica, down from a peak of 125. There were also 121 condos & townhouses on the market, down from a peak of about 225. Prices are soft in some market niches, particularly one-bedroom condos. On the other hand, prices of three-bedroom condos and four-bedroom houses are edging upward while prices of two-bedroom condos and three bedroom condos have mild upward trends.

Santa Monica single family homes on the market

# bedrooms	# on market	Median Asking Price
2 BR	16	$898,000
3 BR	17	$1,395,000
4 BR	12	$1,925,000
5+ BR	20	$3,295,000

 

Santa Monica condos on the market

# bedrooms	# on market	Median Asking Price
Studio	0	N/A
1 BR	24	$451,000
2 BR	68	$749,000
3+ BR	32	$949,000

Foreclosure activity, a key factor in the relative stability of the Santa Market, continues to be very low. For 2011, there have been only 7 single-family homes out of 235 sales and 17 condos out of 351 sales in Santa Monica that were foreclosures. "Short pay" sales were similarly light at 10 and 26 respectively.

The immediate outlook continues to be "cautiously optimistic." Properties without significant flaws in location or condition are beginning to be scarce and those that are well-priced are moving quickly, some with multiple offers.