March 23, 2025 Breaking News, Latest News, and Videos

Santa Monica’s Real Estate Market Shows Improvement:

The media paints confusing pictures regarding the present status and anticipated direction of the housing market. Headlines and statistics based on nationwide, statewide, and citywide reports lead to conclusions that are inconsistent, unreliable, and often times confusing even to the professionals in the industry.

Even when one looks at data in a specific community such as Santa Monica, the current market is challenging to understand. For example, it has been observed that the level of sales is 37 percent higher than it was this time last year, this is indeed a very “bullish” sign for the Santa Monica housing market. Other favorable signs include prices per square foot being only three percent lower than last year at this time, which could imply a flattening out of prices may have started to occur. Also, we have calculated that there is less than a six-month inventory of Santa Monica homes available for sale. This is the point that generally is agreed can be classified as a market relatively in balance between buyers and sellers. Also, it may be a good sign that the average days on market, which had been more than 100 days, is now closer to 60 days.

Although the above can be interpreted as favorable signs for a market that may be stabilizing, the evidence of that is far from clear. For example, a research report published on October 18, 2010, by Altos Research stated that the Santa Monica “market has shown evidence of slowing recently. The Santa Monica market is currently in a buyer’s advantage, with several months of inventory available at the current rate of sales.”

In looking at the condo and townhome segment, Santa Monica median prices have been relatively flat since reaching below $700,000 in the Spring, as compared with the earlier plateau of $800,000 for the previous one- to two-year period. Similarly, the price per square foot for condos and townhomes has been nearly unchanged for close to two years. However, inventory has been rising steadily throughout 2010 and buyers have far more alternatives to select from.

Whether the local market has about reached its bottom level or not is clearly unknown. For those who wish to try and time the market, interest rates may eventually have risen in offset to any further market price declines. Furthermore, potential sellers may need to wait several years before prices have increased enough to justify having delayed their selling at current values.

Michael Edlen of Coldwell Banker has been tracking and analyzing the local real estate market for years, and provides confidential counseling services to prospective buyers and sellers. More tips and information are available on MichaelEdlen.com. He can be reached at 310.230.7373 or Michael@MichaelEdlen.com.

in News
<>Related Posts

Canadian Dentist Launches Collaborative Health Summit in Culver City

March 22, 2025

March 22, 2025

H.E.A.L. founder Dr. Mandeep Johal brings cross-discipline healthcare model to L.A. Despite simmering trade tensions between the U.S. and Canada,...

Researchers Offer Free Soil Testing for Wildfire Pollutants in Los Angeles

March 21, 2025

March 21, 2025

The project aims to analyze soil and water samples from private properties, including yards, gardens, and pools Homeowners near the...

Registration Opens for Venice Beach’s Inaugural Half Marathon and 5K

March 21, 2025

March 21, 2025

Final course maps will be released on May 1, and organizers plan to announce race-day entertainment Runners will take to...

Santa Monica-Malibu Schools Announce Leadership Change in HR Department

March 21, 2025

March 21, 2025

Former LAUSD Administrator Joins SMMUSD in Key HR Role By SMMUSD Chief Communications Officer, Gail Pinsker The Santa Monica-Malibu Unified...

Lumiere Runway Unveils “Strength & Fragility” at LA Fashion Week 25/26

March 20, 2025

March 20, 2025

Culver City Hosts Fashion Icons at Lumiere Runway’s LA Fashion Week Lumiere Runway, a prominent fashion platform with bases in...

Santa Monica’s Big Blue Bus to Raise Fares for First Time in a Decade

March 20, 2025

March 20, 2025

Proposed Fare Hikes for Big Blue Bus: Here’s When You Can Speak Up The Santa Monica Department of Transportation’s Big...

Film Review: Black Bag

March 20, 2025

March 20, 2025

FILM REVIEWBLACK BAGRated R93 MinutesReleased March 14th Black Bag is a masterfully made story of a group of spies involved...

“Vibes After Five” Brings Live Music & Mocktails to Downtown Culver City This Spring

March 20, 2025

March 20, 2025

A Golden Hour With DJ Sets, Fun Activities, and Complimentary Refreshments Downtown Culver City is gearing up for a lively...

Mudslide Destroys Homes in Pacific Palisades, Roads Blocked

March 20, 2025

March 20, 2025

Some residents have been unable to leave their homes due to the debris blocking roadways A landslide in Pacific Palisades...

Health Officials Warn Against Ocean Water Use at Several Los Angeles Beaches

March 20, 2025

March 20, 2025

Bacterial Contamination and Fire Debris Prompt Advisories for Marina Del Rey and Santa Monica Areas The Los Angeles County Department...

Popular Palisades Café Reopens After Suffering Minimal Damage from Wildfires

March 20, 2025

March 20, 2025

It is among the first businesses to reopen After months of uncertainty, the Palisades Garden Café reopened its doors, offering...

Santa Monica Brew Works Joins 200 Breweries to Fund Wildfire Recovery with Special IPA

March 19, 2025

March 19, 2025

Craft Beer with a Purpose: Santa Monica Brew Works Supports LA Wildfire Relief In response to the devastating wildfires that...

(Video) Here’s Looking at You’s Spring Cocktail Menu Reveal Pizza Party with Wallflower Pizza

March 19, 2025

March 19, 2025

The Basic Instinct: A Creamsicle Negroni that’s Perfection. Wallflower Pizza’s Fresh and Delish Pepperoni Pizza. The Basic Instinct: A Creamsicle...

Nestlé Issues Nationwide Recall of Frozen Meals After Choking Incident Reported

March 19, 2025

March 19, 2025

Consumers Are Urged to Check Their Freezers and Return Affected Products Nestlé USA has issued a voluntary recall of select...

Honest Abe Cidery Eyes New Santa Monica Location

March 19, 2025

March 19, 2025

According to its website, the cidery traces its lineage back to family traditions in Kentucky, blending heritage with contemporary West...