March 29, 2024 Breaking News, Latest News, and Videos

Santa Monica Housing Market: Just 24 Homes Listed At The Start Of 2015:

As we began 2015, there are only 24 Santa Monica homes on the market, which is the lowest level in many years. Due to the high demand for Santa Monica houses especially under $2 million, the average $4.6 million list price is almost unbelievably 50 percent higher than it was 12 months ago.

In 2014, we experienced the same 20 homes per month average sales rate as was in 2013, with average sales prices increasing by nine percent. With just 24 homes on the market now, it would take less than one and a half months to sell all of the homes available at the current rate.

When the inventory level dips below six months, it is generally considered to be a “seller’s market.”

As of January 2015, sellers have the most favorable market environment that we’ve had in decades.

A number of factors have contributed to this continuing lower supply. One is that some owners who have been leasing their home rather than selling in the down market have not yet made them available for purchase.

Another factor is that the level of purchasing by investors has continued to increase through 2014, putting pressure on the market in many Santa Monica and other Westside neighborhoods.

Looking forward, buyers are likely to experience a continuing high level of frustration in their effort to identify and succeed in purchasing a home. Although interest rates are still near low levels, which has made home purchasing much more affordable, many prospective buyers have often found themselves being out-bid by either all-cash buyers or by investors/developers seeking more business opportunities.

It may take many months before enough homes are listed for sale in the more affordable price ranges, but the increase in home prices will gradually encourage more homeowners to put their homes up for sale.

As could be expected, local sellers are likely to continue enjoying a very solid market in their favor for at least several months. Until interest rates and/or average price levels increase more significantly, it is reasonable to suppose that the current strength of the buyer pool will be great enough to offset the seasonal increase in new listings that is about to begin.

Of course, each neighborhood has its own price dynamics. Also, there are varying degrees of market balance between sellers and buyers at different price ranges. Therefore, owners who may be considering selling property in 2015 would do well to meet with an experienced local real estate agent to assess where their particular property fits into this picture before deciding on timing and price positioning.

Michael Edlen has sold nearly $2 billion, 1,200 homes, and his team has more than 90 years of combined experience in real estate. He provides real estate counseling services to prospective buyers and sellers. More insight and information are available at MichaelEdlen.com. He can be reached at 310.230.7373 or Michael@MichaelEdlen.com.

in News
Related Posts

Hotel Workers to Speak Out on Harassment Endured at Santa Monica Hampton Inn

March 28, 2024

March 28, 2024

The Hotel Is One of Five Hotels in the Charter City That Are Still in a Labor Dispute By Zach...

Santa Monica Rotary Club Raises Over $21,000 for SMC Guardian Scholars Program

March 28, 2024

March 28, 2024

This Grant Will Provide Essential Support to Current and Former Foster Youth Enrolled at the College The Rotary Club of...

 (Video) Philz Coffee Set to Close Westside Location Next Month

March 27, 2024

March 27, 2024

The Franchise Recently Made Headlines for Changing Headquarters @smmirrornews Philz is closing its Santa Monica shop #coffeeaddict #coffee #coffeeshop #losangeles...

Fleurs et Sel Bakery Opens Storefront in West Adams, Welcomes Customers Three Days a Week

March 27, 2024

March 27, 2024

Indulge in Freshly Baked Cookies at the New West Adams Location Fleurs et Sel Bakery, known for its delectable cookies...

Easter Specials Guide: Brunch Spots, Desserts, and More in West Los Angeles

March 27, 2024

March 27, 2024

Discover the Best Easter Eats and Treats in LA for Your Holiday Celebration Easter is almost here, so here are...

Famous Literary Critic and Palisadian Passes Away at 92

March 27, 2024

March 27, 2024

A Memoriam Post Stated She Overturned Views on T. S. Eliot, Ezra Pound and Other Canonized Artists By Zach Armstrong...

Mixed-Use Development Set for Sloping Property along Chautauqua Boulevard

March 27, 2024

March 27, 2024

“Canyon Place” Is Set to Include Two Apartment Units and 1,415 Sq. Ft. of Office Space By Zach Armstrong A...

Over Five Miles of Venice Blvd. to Temporarily Close, Become Public Park in April

March 27, 2024

March 27, 2024

The Initiative, Which Started in 2010, Aims to Connect Communities and Promote Sustainable Transportation Options On Sunday, April 21 from...

(Video) Workers Strike at Luxury Hotel in Downtown Santa Monica

March 27, 2024

March 27, 2024

Meanwhile, Unite Here Local 11 Recently Announced a Contract Was Ratified at 34 Hotels @smmirrornews Workers are striking at Proper...

(Video) Director Adam Wingard Talks About His Influences While Making GODZILLA X KONG: THE NEW EMPIRE

March 27, 2024

March 27, 2024

Director Adam Wingard Talks About His Influences While Making GODZILLA X KONG: THE NEW EMPIRE at the Beyond Fest Screening...

Historic Union Contract Ratified by Thousands of Hotel Workers At 34 Hotels

March 26, 2024

March 26, 2024

UNITE HERE Local 11 Negotiates Agreement Ensuring Wage Increases  Hotel workers, who spearheaded the largest hotel strike in modern U.S....

Teen Kung Fu Coming to Pali Rec Center

March 26, 2024

March 26, 2024

This 8-week session, priced at $160, commences in April 2024 Palisades Recreation Center introduces Teen Kung Fu classes, fostering a...

After Securing $200K Grant, City Embarks on Action Plan for Older Adults, People with Disabilities and Caregivers

March 25, 2024

March 25, 2024

The City Will Engage Experts, Nonprofit Partners, Commissioners, and Stakeholders to Spearhead the Planning Process The city of Santa Monica...

City Commences Phase 2 of Beach Restoration Project

March 25, 2024

March 25, 2024

The Project Will Enlarge the Habitat for Significant Native Species, Including the Federally Threatened Western Snowy Plover Phase 2 of...

Caltrans Extends Closure on Topanga Canyon Boulevard Due to Mud and Rockslide

March 25, 2024

March 25, 2024

PCH Closure on March 26 Adds to Local Road Closures, Seek Alternative Routes The California Department of Transportation (Caltrans) has...