August 2, 2025 Breaking News, Latest News, and Videos

Looking Back and Forward on Santa Monica’s Housing Market:

As we begin the year 2011, the number of homes available for sale in Santa Monica is relatively low. There are 67 homes on the market, ranging from $679,000 on Centinela to nearly $18 million on San Vicente. That estate is over 22,000 square feet under construction on a double lot of 58,000 square feet overlooking the Riviera golf course.

The average list price is more than $2.3 million, due to several high-price properties. The median price is now $1,650,000. That’s the mid-point of all the current prices for homes here today.

In 2010, 238 homes sold in Santa Monica, an average of 20 per month, as compared with 190 in 2009, averaging 16 per month. Driven by 25 percent higher sales volume, Santa Monica home values remained nearly unchanged from 2009, in contrast with most of the country and even the greater Los Angeles area. Average local house prices per square foot were also unchanged from the last year, showing a clear indication of a market that may have reached at least a stable base now.

Another indication of stabilizing in Santa Monica is the average time on market has decreased from 71 to 63 days. Moreover, the average sales prices are now 95 percent of average list prices, which compares with 94 percent in 2009.

Taking a look ahead, it is reasonable to expect either a stable or slightly increased market as far as prices are concerned. This is because the overall inventory level is so low relative to the current rate of sales in Santa Monica. It is generally understood that when the number of homes available for sale in any particular area equals six or seven months of inventory at the current rate of sales, it is a market fairly balanced between sellers and buyers. When there is greater than seven months supply of homes available, it clearly favors buyers, and below six months is generally considered to be a “seller’s market.” As of Jan. 3, there is only 3.5 months supply available, which is a strong indicator favoring sellers at least for several months.

One reason for inventory being so low is that some owners have taken their homes off of the market for the holidays, and others have decided to lease rather than sell due to the current price levels being below their expectations or desires. Another factor is the “shadow inventory” of properties owned with financial pressures that may become active listings fairly soon, either as “short sales” by owners or as homes foreclosed by banks.

Of course each neighborhood has its own price dynamics, and the condo market does not necessarily reflect the same indicators as does the house market. Also, different price ranges will have varying degrees of market balance between sellers and buyers.

Therefore owners considering selling property in the next year or so would do well to talk with an experienced real estate agent to assess where their particular property might fit into this picture before deciding on timing and price positioning.

With loan interest rates still relatively low, lenders having somewhat relaxed the difficulties for getting financing, and a slightly increased level of consumer confidence, this is an environment that may encourage buyers to benefit from the more affordable prices. Santa Monica continues to be very attractive to people from all over the country and that factor will always remain true.

Michael Edlen, a Realtor with Coldwell Banker, has sold more than 900 properties in 25 years. Information on his marketing and escrow management systems is available at www.MichaelEdlen.com, and he may be reached at 310.230.7373 or Michael@MichaelEdlen.com.

in News
<>Related Posts

Heidi Klum’s Tropical Erewhon Smoothie Drops Just in Time for Summer

August 2, 2025

August 2, 2025

Supermodel’s Limited-Edition Drink Blends Kiwi, Coconut, and Matcha Erewhon has debuted its newest celebrity smoothie collaboration, this time with supermodel...

California Bolsters Firefighting Fleet Amid Federal Cuts

August 2, 2025

August 2, 2025

The transition, which began in 2020, equips the fleet with advanced technology, including a 1,000-gallon water capacity—nearly triple that of...

Big Blue Bus to Restore Service on Route to Palisades

August 2, 2025

August 2, 2025

The restoration is part of a broader summer service overhaul aimed at improving coverage across the Westside The Big Blue...

Fatal Crash Claims 9-Year-Old’s Life in Los Angeles

August 1, 2025

August 1, 2025

The driver of the vehicle remained at the scene and was arrested for driving under the influence A tragic traffic...

Malibu Hires New City Manager: Ronda Perez to Lead as City Eyes Recovery and Rebuilding

August 1, 2025

August 1, 2025

Veteran Public Administrator Ronda Perez Brings Nearly 20 Years of Experience to Malibu The Malibu City Council has voted unanimously...

Santa Monica Creates Film Office to Streamline Permitting and Production Services

August 1, 2025

August 1, 2025

New Agency Will Take Over From FilmLA After More Than a Decade Beginning September 1, 2025, film permit coordination in...

Santa Monica Pier Launches “PIERfect Benefit” Fundraiser Amid Recovery Efforts

August 1, 2025

August 1, 2025

The gathering will feature food, signature cocktails, live entertainment, and a program reflecting the Pier’s history and future. Proceeds will...

THIS WEEKEND: 49th Annual Festival of the Chariots to Roll Through Santa Monica and Venice

August 1, 2025

August 1, 2025

The festival site at Ocean Front Walk Plaza will transform into a lively showcase of Indian culture, expecting around 50,000...

Film Review: The Fantastic Four: First Steps

August 1, 2025

August 1, 2025

FILM REVIEWTHE FANTASTIC FOUR: FIRST STEPSRated PG-13115 MinutesReleased July 25th  The Fantastic Four: First Steps has a different aura from...

Aging Mindfully: Zen-Inspired Senior Living Takes Shape in Simi Valley

July 31, 2025

July 31, 2025

Two Zen-inspired senior living communities are embracing the reality of aging — consciously. Ensō Village, open since 2023 in Sonoma County,...

Palisades, Malibu Among Areas Exempt from SB 9 Under Newsom’s Wildfire Safety Order

July 31, 2025

July 31, 2025

Newsom Sides with LA Leaders on SB 9 Freeze, Mayor Bass Issues Executive Order Gov. Gavin Newsom on Wednesday signed...

‘All Stars’ National Night Out Coming to Santa Monica on Tuesday

July 31, 2025

July 31, 2025

The event, themed “Santa Monica All Stars,” aims to foster police-community partnerships through a sports-inspired evening The Santa Monica Police...

City of Santa Monica Issues Statement on Surprise DTSM Board Member Replacement

July 30, 2025

July 30, 2025

Santa Monica City Government Defends Emergency Action and Process After the surprising move from the City Council, six members of...

Texas Kitchen Chain to Open Santa Monica Location at Former Fresh Corn Grill Site

July 30, 2025

July 30, 2025

The Santa Monica outpost will occupy a 3,050-square-foot space featuring a newly built kitchen and a large outdoor patio HomeState,...

Film Review: Together

July 30, 2025

July 30, 2025

By Dolores Quintana Dave Franco and Alison Brie, a married couple in real life, star in Michael Shanks’ gruesomely passionate...