Hello again! So this past May was another busy month in Santa Monica. I would like to share the specific numbers with you just with the activity from May 2016 only.
However, first of all let me just tell you that on May 31st, 2016, there were still a total of 123 active listings on the market. There were 64 total homes which closed escrow in May, so for now the absorption rate is 1.92. What that means is that it will take 1.92 months to sell all the inventory. Of course this number does flux slightly from week to week. Having said that, it is a number that has held pretty steady so far this year.
The lower it is, the better for home sellers, the higher it is, the better for buyers. Right now, its better for sellers. The low inventory is still causing prices to go up as the low inventory creates bidding wars with all of the buyers fighting over the same properties.
Please not that the “Days on the Market” statistic is the total days on market from time home was listed until it closes escrow.
May 1st-31st Only:
73 Total Active Listings
19 Total Backup Offer
06 Total Pending Listings
64 Total Sold Listings
$6,100,000 Highest Price
$475,000 Lowest Price
$972,000 Average Price
$875 ,000 Medium Price
875 Average $ per Sq Ft
130 Days on Market
Summary: The market is still rising in appreciation. Expect another 7% minimum increase over the next 12 months. If you are planning to buy/invest, this is a good time as the Fed is saying they will begin to raise interest rates soon. Let us know how we can assist.
Until next month, cheers! Happy Summer! Now go have some fun.
Disclaimer: This information for this general analysis was obtained from data in the Cris-Net Multiple Listing Service. This blog analysis was provided as a courtesy only and not meant to price out a property for sale or to buy. My advise is to consult with a real estate professional for your specific particular property interest and concerns. A real estate professional can help you with an analysis for your particular needs which would tend to be the most accurate and specific.