July 13, 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

County Health Leaders Decry Federal Policy Barring Undocumented from Programs

July 12, 2025

July 12, 2025

The officials argued the policy jeopardizes care for all residents, noting it could deter people—regardless of status—from seeking treatment  Leaders...

County Supervisors Move to Preserve Measure J Amid Charter Error

July 12, 2025

July 12, 2025

Measure J mandates that at least 10% of the county’s locally generated, unrestricted funds be allocated to community investments like...

LA Medical Center Seeks Help Identifying Unconscious Patient

July 12, 2025

July 12, 2025

He has been unconscious since admission, and staff have been unable to determine his identity Los Angeles General Medical Center,...

Mayor Bass Issues Directive to Protect Immigrant Communities

July 12, 2025

July 12, 2025

The order expands access to city resources for affected families and requests records from ICE, including details on arrests Mayor...

Downtown Santa Monica CEO Andrew Thomas to Step Down

July 11, 2025

July 11, 2025

Thomas, who rejoined DTSM, Inc. in 2022, oversaw the introduction of a private security program, expanded homeless outreach, and boosted...

Conservancy to Tour Historic Miles Playhouse at State of the City Event

July 11, 2025

July 11, 2025

Built in 1929, the Miles Playhouse serves as the centerpiece of Lincoln Park The Santa Monica Conservancy will offer 15-minute...

Sen. Ben Allen Highlights Challenges, Economic Gains for LA28 Olympics

July 11, 2025

July 11, 2025

The remarks came during the first informational hearing of the Senate’s Special Committee on International Sporting Events State Sen. Ben...

(Video) Summer Camp at School of Rock West LA Turns Kids Into Rockstars

July 11, 2025

July 11, 2025

To Sign Up Now, Go To Schoolofrock.com Summer Camp at School of Rock West LA Turns Kids Into Rockstars To...

L.A. Louver Marks David Hockney’s 88th with Exhibit

July 11, 2025

July 11, 2025

Hockney, a British artist born in 1937, gained fame with the British Pop Art movement and later became known for...

Suspect Arrested in Shoe Retail Theft Spree Across LA County

July 11, 2025

July 11, 2025

During the search, police recovered two firearms and a significant quantity of merchandise The Los Angeles Police Department’s Organized Retail...

Suspect Arrested in Santa Monica Pier Arson Incidents

July 10, 2025

July 10, 2025

The suspect, matching video footage from an arcade, was taken into custody Santa Monica Police Department officers arrested a suspect...

SMPD Launch New Recruitment Website Amid High Vacancy Rates

July 10, 2025

July 10, 2025

The site features multimedia content, including day-in-the-life videos and officer profiles, highlighting the impact of serving the community The Santa...

Father-Daughter Authors to Host Book Signing to Aid Fire-Affected Women

July 10, 2025

July 10, 2025

Ten percent of proceeds from book and art sales will benefit the Pacific Palisades Rebuilding Fund, a nonprofit initiative created...

Metro Reports Crime Drop, Higher Rider Satisfaction, and Progress on Major Projects

July 9, 2025

July 9, 2025

The Authority said the drop in violent incidents—down to the lowest level since May 2019—coincided with more uniformed personnel and...

Santa Monica Joins Regional Lawsuit to Halt Unconstitutional ICE Raids

July 9, 2025

July 9, 2025

The motion to intervene seeks to ensure that Santa Monica and other plaintiff-intervenors can advocate for their residents’ rights in...