November 2009

The past couple of months have seen some stability arrive in the Santa Monica real estate market. Inventory is dropping, down roughly 25 percent from February. Prices for the lower ends of the market segments have actually risen. In January, the median asking price of a 2-bedroom single-family home was $1,199,000; now it's $1,359,000. The median asking price of a 3-bedroom condo or townhouse had been $765,000, now it's $819,000.

As of November 2, there were 96 single-family homes and 135 condos & townhouses on the market in Santa Monica, compared to 98 and 150 from February 22. Prices for 3rd Quarter 2009 over 3rd Quarter 2008 had shown about a 14 percent drop but prices have started recovering since the end of the 3rd Quarter.

Santa Monica single family homes on the market

# bedrooms	# on market	Median Asking Price
2 BR	19	$1,150,000
3 BR	27	$1,359,000
4 BR	22	$1,868,000
5+ BR	24	$3,550,000

 

Santa Monica condos on the market

# bedrooms	# on market	Median Asking Price
Studio	2	$365,000
1 BR	21	$498,000
2 BR	77	$819,000
3+ BR	30	$1,175,000

A key factor in the relative stability of the Santa Market has been the relative lack of foreclosures, a trend mirrored by other Westside neighborhoods including Brentwood and Westwood. Year to date, there have been only 4 single-family homes and 20 condos sold in Santa Monica that were foreclosures.

The immediate outlook could be best described as "cautiously optimistic" as inventory continues to recede from its peak levels and prices stabilize or even, in some cases, enjoy modest appreciation.