June 2010

Inventory has rebounded from recent lows of late last Fall but now seem stable, roughly even with levels of a year ago. As of June 1, there were 113 single-family homes and 204 condos & townhouses on the market in Santa Monica, compared to 96 and 135 from November 2. Prices have been fairly stable for single-family homes over the past six months with the exception that the lowest slice of the market has seen significant increases and well-priced properties are seeing multiple offers. Prices for condos & townhouses have continued to soften but seem to be bottoming out.

Santa Monica single family homes on the market

# bedrooms	# on market	Median Asking Price
2 BR	19	$1,150,000
3 BR	32	$1,397,000
4 BR	32	$2,342,000
5+ BR	29	$3,495,000

 

Santa Monica condos on the market

# bedrooms	# on market	Median Asking Price
Studio	1	$399,000
1 BR	21	$440,000
2 BR	111	$749,000
3+ BR	50	$899,000

Foreclosure activity, a key factor in the relative stability of the Santa Market, continues to be very low. Year to date, there have been only 4 single-family homes and 9 condos sold in Santa Monica that were foreclosures.

The immediate outlook continues to be "cautiously optimistic." Inventory appears to be stabilizing and well-priced homes and condos are receiving multiple offers; three of the first four offers I wrote this year were in multiple offer situations. (Two of the three clients have now happily closed escrow, one in a property where the Buyer had the winning bid, one on another property.)