Santa Monica 90402 Real Estate Year in Review
Santa Monica’s most affluent zip code saw quite a great deal of activity in 2013. While the area has always known to boast on average the highest price per square foot in Santa Monica. With the areas excellent school district, well-apportioned Single Family Homes and close proximity to the ocean it’s no wonder the area is considered Santa Monica’s most desirable place to live.
It looks like the seller’s market got carried away with itself this year and possibly a little greedy. We saw prices skyrocket to a whopping $1,240 per square foot by mid-year which coincides directly with the time where inventory and number of days on market were peaking.
Take a closer look at the graphs below as they illustrate the picture nicely. When sellers finally got realistic and started slashing their prices the inventory moved fast in the last quarter of 2013.