Is Santa Monica, CA a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since March 2023
At the same time last year, Santa Monica was a Seller's Market.
Housing Prices in Santa Monica, CA
How much do homes in Santa Monica, CA cost?
Median Sold Price
$1,790,666
$1,109/sqft
Based on all homes sold in the last 12 months.
Difference Since March 2023
Summary: The median home sold price in Santa Monica was $1,790,666 in March 2024, up 11.9% from last year, and the median price per square foot was $1,109.
Median Sold Price By Bedroom Count
# BEDS# BEDROOMS | Mar 2023 | Mar 2024 | CHANGE |
---|---|---|---|
1 Bedroom | $745K | $751K | +0.8% |
2 Bedrooms | $1.3M | $1.5M | +8.9% |
3 Bedrooms | $1.9M | $2.0M | +4.7% |
4 Bedrooms | $3.8M | $3.4M | -11.6% |
5+ Bedrooms | $5.6M | $4.3M | -23.0% |
Summary: Santa Monica housing prices by bedroom type for March 2024 compared to the previous year: The home price of 1 bedroom homes increased by 0.8%, 2 bedroom homes increased by 8.9%, 3 bedroom homes increased by 4.7%, 4 bedroom homes decreased by 11.6%, and 5+ bedroom homes decreased by 23%.
Median Sold Price Compared To Nearby Cities
Santa Monica | $1.6M | $1.7M | +11.9% |
Los Angeles | $988.7K | $975.9K | -1.3% |
Housing Supply in Santa Monica, CA
How many homes are available in Santa Monica, CA?
Number of Homes For Sale
Feb 2024 | Mar 2024 | CHANGE |
---|---|---|
206 | 252 | +22.3% |
Summary: The Santa Monica real estate market had 252 homes for sale in March 2024, a 22.3% increase compared to February 2024.
Homes For Sale By Bedroom Count
# BEDS# BEDROOMS | Feb 2024 | Mar 2024 | CHANGE |
---|---|---|---|
1 Bedroom | 23 | 30 | +30.4% |
2 Bedrooms | 75 | 83 | +10.7% |
3 Bedrooms | 43 | 49 | +14.0% |
4 Bedrooms | 20 | 27 | +35.0% |
5+ Bedrooms | 45 | 63 | +40.0% |
Summary: The Santa Monica housing inventory by bedroom type for March 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 30.4%, 2 bedroom homes increased by 10.7%, 3 bedroom homes increased by 14%, 4 bedroom homes increased by 35%, and 5+ bedroom homes increased by 40%.
Number of Homes Sold
Feb 2024 | Mar 2024 | CHANGE |
---|---|---|
28 | 35 | +25.0% |
Asking Price vs. Sold Price
19 Homes Were Sold
Under Asking
3 Homes Were Sold
At Asking
13 Homes Were Sold
Over Asking
Summary: A total of 35 homes were sold or pending in Santa Monica in March 2024, up by 25.0% month-over-month. Of the 35 sold homes, 54% were sold under asking, 9% were sold at asking, and 37% 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
Mar 2023 | Mar 2024 | CHANGE |
---|---|---|
46 Days | 45 Days | -1.8% |
Summary: Homes in Santa Monica had an average of 45 days on market in Mar 2024, down by 1.8% compared to last year.
Breakdown of Home Sale Times
16 Homes Were Sold
Under 30 Days
15 Homes Were Sold
In 30 - 90 Days
4 Homes Were Sold
Over 90 Days
Summary: During March 2024, 35 homes were sold in Santa Monica; 46% of homes were sold within 30 days, 43% of homes were sold within 30 to 90 days, and 11% of homes were sold over 90 days.