Nicole Costas' Market Report
Santa Monica, CA
Single-Family Homes
DRE #01049913 | 323-630-6976 |nicole.costas@compass.com
Santa Monica, CA
Sun Sep 15 2024
This week the median list price for Santa Monica, CA is $3,995,000 with the market action index hovering around 31. This is less than last month's market action index of 33. Inventory has increased to 67.
Market Action Index
This answers “How’s the Market?” by comparing rate of sales versus inventory.
Slight Seller's Advantage
Market Narrative
Market conditions have been consistently cooling in the past several weeks. Because we’re still in the Seller’s zone, prices have not yet begun to drop. It may take a few more weeks of slack demand for prices to reflect and begin to fall. Expect prices to fall if the index persistently falls to the Buyer’s zone.
Real-Time Market Profile
| Median List Price | $3,995,000 | |
| Median Price of New Listings | $3,249,000 | |
| Per Square Foot | $1,467 | |
| Average Days on Market | 115 | |
| Median Days on Market | 91 | |
| Price Decreased | 36% | |
| Price Increased | 0% | |
| Relisted | 18% | |
| Inventory | 67 | |
| Median Rent | ||
| Market Action | 31 | |
| Slight Seller's Advantage | ||
This week saw relatively little price change from last week. However, prices continue demonstrate a nice up trend in general over the last several weeks.
Market Segments
Each segment below represents approximately 25% of the market ordered by price.
| Median Price | Sq. Ft. | Lot Size | Beds | Bath | Age | New | Absorbed | DOM |
|---|---|---|---|---|---|---|---|---|
| $8,249,500 | 5,585 | 8,000 - 10,000 sqft | 6 | 6 | 11 | 0 | 1 | 94 |
| $4,999,000 | 3,326 | 6,500 - 8,000 sqft | 4 | 4 | 34 | 0 | 1 | 140 |
| $3,500,000 | 2,251 | 4,500 - 6,500 sqft | 3 | 3 | 82 | 3 | 4 | 56 |
| $1,750,000 | 1,235 | 6,500 - 8,000 sqft | 2 | 1.5 | 53 | 1 | 2 | 91 |