Santa Monica Real Estate Market Report

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Santa Monica Real Estate

Property Sales

April property sales were 14, down from 25 in April of 2017 and -12.5% lower than the 16 sales last month. April 2018 sales were at their lowest level compared to April of 2017 and 2016. April YTD sales of 47 are running -45.3% behind last year’s year-to-date sales of 86.

Prices

The median sales price in April was $4,255,000, up 73.6% from $2,451,614 in April of 2017 and up 57.9% from $2,695,000 last month. The average sales price in April was $3,688,468, up 18.1% from $3,124,165 in April of 2017 and up 20.3% from $3,065,531 last month. April 2018 ASP was at highest level compared to April of 2017 and 2016.

Inventory & MSI

The total inventory of properties available for sale as of April was 64, up 30.6% from 49 last month and up 28.0% from 50 in April of last year. April 2018 Inventory was at highest level compared to April of 2017 and 2016.

A comparatively lower MSI is more beneficial for sellers while a higher MSI is better for buyers. The April 2018 MSI of 4.6 months was at its highest level compared with April of 2017 and 2016.

Market Time

The average Days On Market (DOM) shows how many days the average property is on the market before it sells. An upward trend in DOM tends to indicate a move towards more of a buyer’s market, a downward trend a move towards more of a seller’s market. The DOM for April was 36, up from 32 days last month and down from 49 days in April of last year. The April 2018 DOM was at a mid range compared with April of 2017 and 2016.

Selling Price Per Square Foot

The selling price per square foot is a great indicator for the direction of property values. Since median sales price and average sales price can be impacted by the ‘mix’ of high or low end properties in the market, the selling price per square foot is a more normalized indicator on the direction of property values. The April 2018 selling price per square foot of $1,219 was up 13.1% from $1,078 last month and down -3.6% from $1,265 in April of last year.

Selling Price vs Listing Price

The selling price vs listing price reveals the average amount that sellers are agreeing to come down from their list price. The lower the ratio is below 100% the more of a buyer’s market exists, a ratio at or above 100% indicates more of a seller’s market. The April 2018 selling price vs list price of 98.1% was down from 98.7% last month and down from 100.7% in April of last year.

Inventory / New Listings / Sales

This last view of the market combines monthly inventory of properties for sale along with new listings and sales. The graph shows the basic annual seasonality of the market as well as the relationship between these items. The number of new listings in April 2018 was 37, up 27.6% from 29 last month and up 27.6% from 29 in April of last year.

 

 

 

 

© 2018 Coldwell Banker Residential Brokerage. All Rights Reserved. Coldwell Banker Residential Brokerage fully supports the principles of the Fair Housing Act and the Equal Opportunity Act. Coldwell Banker Residential Brokerage is operated by a subsidiary of NRT LLC. Coldwell Banker and the Coldwell Banker Logo are registered service marks owned by Coldwell Banker Real Estate LLC.. DRE # 00616212

Based on information from California Real Estate Technology Services, Inc. for the period 1/1/2005 through 4/30/2018. Due to MLS reporting methods and allowable reporting policy, this data is only informational and may not be completely accurate. Therefore, Coldwell Banker Residential Brokerage does not guarantee the data accuracy. Data maintained by the MLS’s may not reflect all real estate activity in the market. This information will expire 30 days from when it was generated.