Well, the second month of 2016 has kept up the pace with 74 new listings, 16 pending sales and 37 closed sales for the month of February. With more sun than rain and more nice weather than cold, the real estate market here in Santa Monica just keeps gaining more steam. It seems that Santa Monica is the place to invest for buyers from the tech industry, international sector, local corporate relocatees and even an influx of buyers from New York City who can afford more than one property.
The highest priced active listing during the month of February was an estate that was listed at $16,500,000. The average home listed in February was $2,938,746. The average square foot for a home listed was 2346.
Out of the 16 pending sales from February, the highest price was $4,599,000. The average price home that went into escrow during this month was $2,274,308 with the average square footage being 2227. I did not include homes that are listed with “accepted offers” but who are taking back up offers.
So then, 37 homes actually sold in February. The sold home with the highest list price was listed at $11,000,000. The average list price of a home sold was $2,206,486. The average square foot for a home sold in February was 1997. The average days on the market for a home sold was 185 days.
There is a total of 120 listings on the market , year to date. With 37 sales per month, it will take 3.24 months to exaust all the listings.