What is Going on in the Local Santa Monica and Brentwood Real Estate Market?| Crazy Vector
Simon Says:” What is Going on in the Local Santa Monica and Brentwood Real Estate Market?”
This week while watching CNN I heard the confident newscaster exclaim, “New home sales prices surged– they SURGED in April and existing home sales PLUNGED!” Being a little gullible and expecting the news to give me in-depth knowledge of a situation I was transfixed and intent on hearing the rest of the story. Well, that was it, that was her whole story. To be truthful, I am not exactly sure what is going on in our local real estate market right now, but it is neither surging nor plunging.
The median sale price for single family homes in Santa Monica from 2007 to date is ,587,500 while the median sale price to date since 2006 is ,534,000. What this means is that values are basically holding steady. Real estate values and desirability in our city is pretty varied. If in 2006 a few more people sold their houses in Sunset Park than North of Montana, the median sales price will be lower and vice-versa. The same holds true for days on market. An average condo off the 10 freeway at Pico is going to take longer to sell than your average condo North of Wilshire.
Single family home properties have been selling at an average of 96.43% of their original asking price. The average days on market year to date is 96 days. The dollar volume of sales has picked up a few points since last year, so people are still buying. It’s taking a little longer to sell a home, but sellers are getting more or less what they are asking and the market is holding steady. Nothing exciting, no “surging” or “plunging.”
Good news for homeowners in Santa Monica. Prices are holding, read article.