Tracey Velt's Market Report
Santa Monica, CA
Single-Family Homes
HW Wire | Editorial Director | tracey@hwmedia.com | 407-716-0498
Santa Monica, CA
Thu Aug 22 2024
This week the median list price for Santa Monica, CA is $4,499,500 with the market action index hovering around 33. This is less than last month's market action index of 34. Inventory has decreased to 56.
Market Action Index
This answers “How’s the Market?” by comparing rate of sales versus inventory.
Slight Seller's Advantage
The market has been cooling off a bit in recent weeks, as more homes are available and demand is less. However, the market is still notably in the Seller’s zone so we haven’t yet seen prices move lower as a result. It may take a few more weeks of slack demand for prices to reflect and begin to fall. Expect this condition if the index falls to the Buyer’s zone.
Real-Time Market Profile
| Median List Price | $4,499,500 | |
| Median Price of New Listings | $4,495,000 | |
| Per Square Foot | $1,421 | |
| Average Days on Market | 131 | |
| Median Days on Market | 105 | |
| Price Decreased | 41% | |
| Price Increased | 0% | |
| Relisted | 20% | |
| Inventory | 56 | |
| Median Rent | ||
| Market Action | 33 | |
| Slight Seller's Advantage | ||
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 | 6,297 | 8,000 - 10,000 sqft | 7 | 6.3 | 42 | 1 | 0 | 108 |
| $5,422,500 | 3,733 | 6,500 - 8,000 sqft | 4 | 4.5 | 33 | 1 | 0 | 126 |
| $3,891,944 | 2,358 | 4,500 - 6,500 sqft | 3 | 3 | 86 | 3 | 5 | 56 |
| $1,599,500 | 1,228 | 1 - 2.5 acres | 2 | 1.3 | 53 | 2 | 2 | 105 |