Is Santa Monica, CA a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since October 2022
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
How much do homes in Santa Monica, CA cost?
Median Sold Price
$1,712,500
$1,062/sqft
Based on all homes sold in the last 12 months.
Difference Since October 2022
Key Takeaway
Homes in Santa Monica have sold for 5.4% more than they did a year ago.
Summary: The median home sold price in Santa Monica was $1,712,500 in October 2023, up 5.4% from last year, and the median price per square foot was $1,062.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Oct 2022 | Oct 2023 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $736.3K | $745K | +1.2% |
| 2 Bedrooms | $1.3M | $1.3M | -0.9% |
| 3 Bedrooms | $2.0M | $2.0M | +2.8% |
| 4 Bedrooms | $3.8M | $3.5M | -10.0% |
| 5+ Bedrooms | $6.2M | $4.5M | -27.4% |
Summary: Santa Monica housing prices by bedroom type for October 2023 compared to the previous year: The home price of 1 bedroom homes increased by 1.2%, 2 bedroom homes decreased by 0.9%, 3 bedroom homes increased by 2.8%, 4 bedroom homes decreased by 10%, and 5+ bedroom homes decreased by 27.4%.
Median Sold Price Compared To Nearby Cities
| Santa Monica | $1.6M | $1.7M | +5.4% |
| Los Angeles | $981.3K | $967.5K | -1.4% |
Housing Supply
How many homes are available in Santa Monica, CA?
Number of Homes For Sale
| Sep 2023 | Oct 2023 | CHANGE |
|---|---|---|
| 251 | 264 | +5.2% |
Summary: The Santa Monica real estate market had 264 homes for sale in October 2023, a 5.2% increase compared to September 2023.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Sep 2023 | Oct 2023 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 22 | 21 | -4.5% |
| 2 Bedrooms | 90 | 89 | -1.1% |
| 3 Bedrooms | 56 | 64 | +14.3% |
| 4 Bedrooms | 23 | 25 | +8.7% |
| 5+ Bedrooms | 60 | 65 | +8.3% |
Summary: The Santa Monica housing inventory by bedroom type for October 2023 compared to the previous month: The inventory of 1 bedroom homes decreased by 4.5%, 2 bedroom homes decreased by 1.1%, 3 bedroom homes increased by 14.3%, 4 bedroom homes increased by 8.7%, and 5+ bedroom homes increased by 8.3%.
Number of Homes Sold
| Sep 2023 | Oct 2023 | CHANGE |
|---|---|---|
| 49 | 45 | -8.2% |
Asking Price vs. Sold Price
23 Homes Were Sold
Under Asking
3 Homes Were Sold
At Asking
19 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. 51.1% of homes here sold below asking price last month.
Summary: A total of 45 homes were sold or pending in Santa Monica in October 2023, down by 8.2% month-over-month. Of the 45 sold homes, 51% were sold under asking, 7% were sold at asking, and 42% were sold over asking.
Days on Market
How long does it take to sell a home in Santa Monica, CA?
Average Sale Time
| Oct 2022 | Oct 2023 | CHANGE |
|---|---|---|
| 31 Days | 38 Days | +19.8% |
Summary: Homes in Santa Monica had an average of 38 days on market in Oct 2023, up by 19.8% compared to last year.
Breakdown of Home Sale Times
27 Homes Were Sold
Under 30 Days
13 Homes Were Sold
In 30 - 90 Days
5 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 October 2023, 45 homes were sold in Santa Monica; 60% of homes were sold within 30 days, 29% of homes were sold within 30 to 90 days, and 11% 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.