Local Market Report
Santa Monica, CA
Single-Family Homes
Santa Monica, CA
Tue Apr 23 2024
This week the median list price for Santa Monica, CA is $4,195,000 with the market action index hovering around 34. This is an increase over last month's market action index of 33. Inventory has held steady at or around 55.
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. We’re already seeing prices move lower as a result. Expect this trend to continue especially if the index falls to the Buyer’s zone. Watch for a persistent up-turn in Market Action to signal prices rising again.
Real-Time Market Profile
| Median List Price | $4,195,000 | |
| Median Price of New Listings | $4,050,000 | |
| Per Square Foot | $1,508 | |
| Average Days on Market | 103 | |
| Median Days on Market | 49 | |
| Price Decreased | 24% | |
| Price Increased | 2% | |
| Relisted | 5% | |
| Inventory | 55 | |
| Median Rent | ||
| Market Action | 34 | |
| Slight Seller's Advantage | ||
Again this week we see a downward notch for prices. Pricing has been weak in recent weeks and versus their absolute-high levels. The Market Action Index is a good leading indicator for the durability of this trend.
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 |
|---|---|---|---|---|---|---|---|---|
| $8,800,000 | 6,000 | 0.25 - 0.5 acre | 6 | 7 | 33 | 3 | 2 | 105 |
| $5,495,000 | 3,310 | 6,500 - 8,000 sqft | 4 | 4 | 59 | 3 | 0 | 45 |
| $3,504,500 | 2,259 | 6,500 - 8,000 sqft | 3 | 2.5 | 75 | 2 | 1 | 38 |
| $2,074,500 | 1,399 | 6,500 - 8,000 sqft | 3 | 2 | 83 | 4 | 3 | 49 |