Is Santa Monica, CA a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since May 2023
Since last year, Santa Monica has remained a Seller's Market.
Key Takeaway
Santa Monica is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in Santa Monica, CA
How much do homes in Santa Monica, CA cost?
Median Sold Price
$1,830,000
$1,115/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Key Takeaway
Homes in Santa Monica have sold for 14.8% more than they did a year ago.
Summary: The median home sold price in Santa Monica was $1,830,000 in May 2024, up 14.8% from last year, and the median price per square foot was $1,115.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $749K | $751K | 0.3% |
| 2 Bedrooms | $1.3M | $1.5M | +14.4% |
| 3 Bedrooms | $1.9M | $2.0M | +6.2% |
| 4 Bedrooms | $3.8M | $3.5M | -5.5% |
| 5+ Bedrooms | $5.4M | $4.3M | -20.5% |
Summary: Santa Monica housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes increased by 0.3%, 2 bedroom homes increased by 14.4%, 3 bedroom homes increased by 6.2%, 4 bedroom homes decreased by 5.5%, and 5+ bedroom homes decreased by 20.5%.
Median Sold Price Compared To Nearby Cities
| Santa Monica | $1.5M | $1.8M | +14.8% |
| Los Angeles | $968.1K | $995.9K | +2.9% |
Housing Supply in Santa Monica, CA
How many homes are available in Santa Monica, CA?
Number of Homes For Sale
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 266 | 293 | +10.2% |
Summary: The Santa Monica real estate market had 293 homes for sale in May 2024, a 10.2% increase compared to April 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Apr 2024 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 30 | 26 | -13.3% |
| 2 Bedrooms | 97 | 104 | +7.2% |
| 3 Bedrooms | 57 | 67 | +17.5% |
| 4 Bedrooms | 23 | 26 | +13.0% |
| 5+ Bedrooms | 59 | 70 | +18.6% |
Summary: The Santa Monica housing inventory by bedroom type for May 2024 compared to the previous month: The inventory of 1 bedroom homes decreased by 13.3%, 2 bedroom homes increased by 7.2%, 3 bedroom homes increased by 17.5%, 4 bedroom homes increased by 13%, and 5+ bedroom homes increased by 18.6%.
Number of Homes Sold
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 53 | 55 | +3.8% |
Asking Price vs. Sold Price
32 Homes Were Sold
Under Asking
7 Homes Were Sold
At Asking
16 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Santa Monica, you may be able to get a good deal. 58.2% of homes here sold below asking price last month.
Summary: A total of 55 homes were sold or pending in Santa Monica in May 2024, up by 3.8% month-over-month. Of the 55 sold homes, 58% were sold under asking, 13% were sold at asking, and 29% were sold over asking.
Days on Market for Santa Monica, CA
How long does it take to sell a home in Santa Monica, CA?
Average Sale Time
| May 2023 | May 2024 | CHANGE |
|---|---|---|
| 42 Days | 33 Days | -21.7% |
Summary: Homes in Santa Monica had an average of 33 days on market in May 2024, down by 21.7% compared to last year.
Breakdown of Home Sale Times
34 Homes Were Sold
Under 30 Days
17 Homes Were Sold
In 30 - 90 Days
4 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in Santa Monica are selling fast, if you're buying plan to act quickly.
Summary: During May 2024, 55 homes were sold in Santa Monica; 62% of homes were sold within 30 days, 31% of homes were sold within 30 to 90 days, and 7% of homes were sold over 90 days.
Based on information from California Regional Multiple Listing Service, Inc. and /or other sources. All data, including all measurements and calculations of area, is obtained from various sources and has not been, and will not be, verified by broker or MLS. All information should be independently reviewed and verified for accuracy. The data contained herein is copyrighted by CRMLS and is protected by all applicable copyright laws. Any dissemination of this information is in violation of copyright laws and is strictly prohibited.