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Market Report for Santa Monica April 2016

(April 1 through April 30)

The market is vibrant and on an upswing in Santa Monica.  Homes are selling and buyers are buying.  The new train on Colorado are bringing people from all over the city and is quite appealing to European tourists who are considering buying in the area.  S

Several clients in who own real estate in New York City have told me that they will actively start looking for a 2nd home here this summer based on this fact that we have a new train that goes to the arts/museum areas in down town Los Angeles.

I’m excited about the future here for young home buyers in Santa Monica.  You can take the train for free on May 20th.  There will be festive train parties, celebrations and lots of fun Santa Monica City funded that day and the next day on the 21st.

Please review my Santa Monica Market Analysis for April 2016 and tell me what you think about the local market.  I’m all ears, really!

Active Listings Status

 

128 Listings:   Year to Date

  26 Days:        Average Days on The Market

   77 Listings:   April 2016 Only

$9,900,000:   Highest Priced Listing

   $369,000:    Lowest Priced Listing

 $1,622,000:    Medium Listed Price

  $2,181,790:    Average Listed Price

 

Backup Offer Status

 

 17 Listings:     April 2016 Only

  21 Days:         Average Days on The Market

$3,600,000:   Highest Priced

   $479,000:    Lowest Priced

 $1,099,000:    Medium Priced

$1,519,765:     Average Priced

 

Pending Offer Status

 

12 Listings:     April 2016 Only

 14 Days:         Average Days on The Market

$3,495,000:   Highest Priced

   $599,000:   Lowest Priced

  $1,147,000:   Medium Priced

$1,447,825:   Average Priced

 

Sold Listing Status

 

              44    Total Closed Sales in April

             54     Average Days on the Market

$10,700,000   Highest Priced Sold Listing

    $359,000    Lowest Priced Sold Listing

   $1,630,000   Medium Priced Sold Listing

   $2,160,320   Average Priced Sold Listing

 

      2.909%   *Absorption Percentage Rate

 

*The absorption rate is the rate at which active listed homes are sold in a certain real estate market during a given timeframe. Calculate it by dividing the total number of available homes by the average number of sales per month. The figure shows how many months it will take to clear out the supply of homes in the given market.

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