Santa Monica Real Estate Seller's Market: 2012 Vs 2011
Posted Jul. 18, 2012, 2:07 am
Michael Edlen / Real Estate Consultant
As we begin the second half of 2012, there are 68 single-family Santa Monica residences listed in the Multiple Listing Service (M.L.S.). There were 123 Santa Monica homes sold in the first half of 2012 (which is 10 percent higher than this time last year), and there are currently 46 homes in escrow in Santa Monica.
At the current rate of sales, there is approximately 3.5 months inventory of homes available. Generally, when the inventory level is five to six months, it is a market that is relatively in balance between buyers and sellers. Anytime the level of inventory drops below five months, it is a market that clearly favors sellers.
Median sale prices are currently $1,725,000 which is up 28 percent from the same period last year. The average sale price per square foot has increased by seven percent as compared with the same period in 2011, and is now at $774 per square foot.
The lowest-priced available home is a three-bedroom, two-bath on 34th Street at $674,900. The highest-priced property is on La Mesa Drive. This six-bedroom, eight-bath house is listed at $12,500,000.
The lowest sale price so far this year was a two-bedroom, one-bath on Centinela, which sold for $500,000. The highest sale so far this year was a seven-bedroom, eight-bath on La Mesa Drive, which sold for $9,400,375.
There are 100 Santa Monica condominiums/townhouses on the market. They range from a studio on 20th Street for $179,000, to a three-bedroom, 4.5-bath ocean view penthouse on Ocean Avenue for $5,200,000. There are 94 condos currently in escrow. There were 210 condo sales in at the end of the second quarter of 2012, ranging from $255,000 for a one-bedroom, one-bath on Kansas, to $10,500,000 for a five-bedroom, seven-bath ocean view penthouse on Ocean Avenue. The median condo sales price is $675,000, which is up 4 percent over the same period last year.
There are currently 113 leases available in Santa Monica. They range from $1,350 per month for a one-bedroom, one-bath on Bay Street, to $45,000/month for a two-bedroom, two-bath home on Amalfi Drive in the canyon. So far in 2012, 301 Santa Monica homes or condos were leased. The highest lease was a four-bedroom, five-bath on Kingman for $29,000 per month, and the lowest was a studio apartment on Maple Street for $1,000/month.
This information is based on MLS records, and is deemed reliable, but not guaranteed. The “median” is the value of the middle home when the homes are arranged in an increasing order of prices.
Michael Edlen of Coldwell Banker, ranked in the top 1 percent of all agents nationwide, has been keeping statistics and tracking local housing trends for many years.