Santa Monica Real Estate Market Report

Facebooktwittergoogle_plusredditpinterestlinkedintumblrmailFacebooktwittergoogle_plusredditpinterestlinkedintumblrmail

Santa Monica Real Estate

Property Sales

July property sales were 18, down from 21 in July of 2016 and -35.7% lower than the 28 sales last month. July 2017 sales were at their lowest level compared to July of 2016 and 2015. July YTD sales of 146 are running 9.8% ahead of last year’s year-to-date sales of 133.

Prices

The median sales price in July was $3,785,000, up 59.0% from $2,380,000 in July of 2016 and up 48.9% from $2,542,500 last month. The average sales price in July was $4,266,612, up 60.0% from $2,666,619 in July of 2016 and up 32.6% from $3,216,771 last month. July 2017 ASP was at highest level compared to July of 2016 and 2015.

Inventory & MSI

The total inventory of properties available for sale as of July was 61, up 22.0% from 50 last month and up 19.6% from 51 in July of last year. July 2017 Inventory was at highest level compared to July of 2016 and 2015.

A comparatively lower MSI is more beneficial for sellers while a higher MSI is better for buyers. The July 2017 MSI of 3.4 months was at its highest level compared with July of 2016 and 2015.

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 July was 31, down from 36 days last month and up from 22 days in July of last year. The July 2017 DOM was at its highest level compared with July of 2016 and 2015.

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 July 2017 selling price per square foot of $1,180 was up 2.3% from $1,153 last month and up 5.5% from $1,118 in July 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 July 2017 selling price vs list price of 100.3% was up from 97.4% last month and up from 98.0% in July 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 July 2017 was 26, down -27.8% from 36 last month and up 4.0% from 25 in July of last year.

 

 

© 2017 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 7/31/2017. 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.