1st quarter 2011 Real Estate North of Montana market-Santa Monica homes for sale
Year over year results show increased sales activity over this time last year. So far 2011 has had 10 home sales (8 in escrow) vs 2010 (7) homes sold. Average sale price for 2011 is$3,013,000 vs 2010 was$1,875,000. Price per SQFt 2011 is $829 vs 2010 was $831. 2011 Average days on market is 72 vs 2010 was 61. 2011 Highest sale is $5,480,000 vs 2010 was$2,795,000 at the same time last year.
What do all these facts show: buyers are getting off the sidelines and getting back to buying property. The upper end of homes over $3,000,000 are moving again & it is not uncommon to see multiple offers. Savy buyers know prices are low & are buying propery before home prices begin to rise again. Home inventory is low and well priced new listings are selling immediately. Real Estate spec developers are once again buying tear downs anticipating a rise in home prices. North of Montana tear downs are at a premium & are selling in multiple offers usually over asking.
If you are thinking about selling now is an excellent time to list your property.