July 31, 2021 Breaking News, Latest News, and Videos

Santa Monica Real Estate Market Update:

As we began 2012, there were only 56 single-family Santa Monica residences listed in the Multiple Listing Service (M.L.S.), which is 48 percent lower than the same time last year. There were 234 Santa Monica homes sold in 2011 (which is two percent lower than this time last year), and there are currently 35 homes in escrow in Santa Monica.

Median sale prices are currently $1,450,000, which is down six percent from the same period last year. The average sale price per square foot has dropped by just one percent as compared with the same period in 2010, and is now at $735 per square foot.

The lowest-priced available home is a one-bedroom, one-bath on 10th Street at $546,500. The highest-priced property is on La Mesa Drive. This seven-bedroom, 5.5-bath house is listed at $7,450,000.

The lowest sale price so far this year was a one-bedroom, one-bath on Cloverfield, which sold for $366,667. The highest sale so far this year was a five-bedroom, 7.5-bath half-acre ocean view estate on Adelaide Drive, which sold for $11,650,000.

There are 113 Santa Monica condominiums/townhouses on the market. They range from one-bedroom, one-bath on Lincoln Blvd. offered at $239,000, to a two-bedroom, three-bath on Ocean Avenue for $3,995,000. There are 48 condos currently in escrow. There were 352 condo sales in 2011, ranging from $137,500 for a studio on Cloverfield, to $5,175,000 for a three-bedroom, two-bath ocean view penthouse on California Avenue. The median condo sales price is $654,500, which is down three percent over the same period last year.

There are currently 98 leases available in Santa Monica. They range from $1,550 per month for a studio apartment on Ocean Avenue, to $145,000/month for an oceanfront five-bedroom, eight-bath home on Palisades Beach Road. In 2011, 630 Santa Monica homes or condos were leased. The highest lease was a six-bedroom, seven-bath on Palisades Beach Road for $60,000 per month, and the lowest was a one-bedroom, one-bath on Maple Street for $1,000/month.

This information is based on MLS records, and are 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 one percent of all agents nationwide, has been keeping statistics and tracking local housing trends for many years.

in News
Related Posts

Library Director Patty Wong to Leave Santa Monica

July 30, 2021

July 30, 2021

Santa Monica Public Library (SMPL) Director Patty Wong announced recently that she will leave Santa Monica to take on the...

City Council Prioritizes Housing for Historically Displaced Households

July 28, 2021

July 28, 2021

At its meeting on July 13, Santa Monica City Council made changes to Santa Monica’s Affordable Housing Production Program and...

Homeless Man Charged with Hate Crime in Assault of Korean Woman in Santa Monica

July 27, 2021

July 27, 2021

Melvin Taylor faces charges in connection to July 23 incident By Sam Catanzaro Hate crime charges have been filed against...

Homeless Advocate Arrested Near Shelter on Suspicion of Dealing Drugs, Claims no Wrongdoing

July 27, 2021

July 27, 2021

65-year-old Garry Featherstone accused of selling meth, PCP By Sam Catanzaro A self-described homeless outreach advocate was recently arrested near...

Off Leash Dog Park And Picnic Area Coming To Downtown Santa Monica: Santa Monica Beat – July 27, 2021

July 27, 2021

July 27, 2021

Local news and culture in under 5 minutes. * Off Leash Dog Park And Picnic Area Coming To Downtown Santa...

Two Arrested for Main Street Bike Shop Burglary

July 23, 2021

July 23, 2021

Two suspects were arrested for the burglary of a Main Street bike store after the owner witnessed the crime via...

Council Selects Berkeley Deputy City Manager to Helm Santa Monica

July 23, 2021

July 23, 2021

David White to be Santa Monica’s next City Manager starting in October  By Sam Catanzaro Santa Monica City Council has...

Ocean Park Library Set to Reopen

July 20, 2021

July 20, 2021

New self-service hours begin July 28 By Sam Catanzaro The Santa Monica Public Library’s Ocean Park Branch is set to...

Police Tase Suspect Following Santa Monica Beach Stabbing

July 19, 2021

July 19, 2021

32-year-old man arrested Sunday evening on Santa Monica Beach, suffers head injuries in arrest By Sam Catanzaro As part of...

Santa Monica Beat: Santa Monica Beat – July 19, 2021

July 19, 2021

July 19, 2021

Local news and culture in under 5 minutes. * Serial Killer Arrested by SMPD Sentenced to Death * New Grants...

Santa Monica May Ban Lobbyists From Serving on Boards and Commissions

July 19, 2021

July 19, 2021

City Council instructs staff to draft ordinance to bar paid policy advocates from serving on board, commissions, task forces   By...

Water Near Santa Monica Pier Remains Questionable as Beach Closures Lifted Following Sewage Discharge

July 15, 2021

July 15, 2021

17 million gallons of raw sewage discharged from Hyperion Water Reclamation Plant Sunday Night By Sam Catanzaro Beach closures have...

Edify TV: Local Cafe Supporting Foster Youths

July 14, 2021

July 14, 2021

La La Land Kind Cafe recently opened its first California location in Santa Monica, delivering not only unique coffee and...

Santa Monica Experiencing 9-1-1 Call Outage

July 13, 2021

July 13, 2021

Update: As of 3 p.m., 9-1-1 phone service in Santa Monica has been fully restored. Please call or text 9-1-1...