Market Report
Santa Monica, CA
Condos/Townhomes
Chartwell Escrow
Santa Monica, CA
Thu Sep 21 2023
This week the median list price for Santa Monica, CA is $1,498,000 with the market action index hovering around 41. This is less than last month's market action index of 46. Inventory has increased to 84.
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 over time and prices plateaued for a while. Despite the consistent decrease in MAI, we’re in the Seller’s zone. Watch for changes in MAI. If the MAI resumes its climb, prices will likely follow suit. If the MAI drops consistently or falls into the Buyer’s zone, watch for downward pressure on prices.
Real-Time Market Profile
| Median List Price | $1,498,000 | |
| Median Price of New Listings | $1,798,000 | |
| Per Square Foot | $1,143 | |
| Average Days on Market | 112 | |
| Median Days on Market | 49 | |
| Price Decreased | 19% | |
| Price Increased | 1% | |
| Relisted | 15% | |
| Inventory | 84 | |
| Median Rent | ||
| Market Action | 41 | |
| Slight Seller's Advantage | ||
The market appears to be hovering around these current levels, though prices movved up a bit this week. The Market Action Index is a good leading indicator for the durability of this shift.
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 |
|---|---|---|---|---|---|---|---|---|
| $3,199,999 | 1,900 | 1 - 2.5 acres | 2 | 3 | 49 | 3 | 3 | 77 |
| $1,950,000 | 1,601 | 0.25 - 0.5 acre | 2 | 3 | 42 | 7 | 1 | 42 |
| $1,295,000 | 1,306 | 0.25 - 0.5 acre | 2 | 2 | 51 | 2 | 1 | 70 |
| $825,000 | 981 | 0.25 - 0.5 acre | 2 | 2 | 56 | 3 | 3 | 42 |