Santa Monica, 90402 Housing Information

Latest Condo Sales Data and Market Conditions in Santa Monica, Ca 90402

Let's dive into the thriving real estate condo market of the picturesque 90402 zip code in Santa Monica, California, a fascinating hub of real estate transactions worth watching closely. This week, the median list price for a property stands tall at a handsome $2,387,500. An increase that marks a noticeable shift in market dynamics, with the Market Action Index (MAI), a trusted measure of real estate activity, reaching around 30, a gentle but definite rise from last month's 29. This shift signals an accelerated tempo of transactions, and, indeed, the inventory has seen a slight upsurge to 18 properties listed for sale.

Data for Condo Sellers in Santa Monica, 90402

Let's decode what this increasing market activity means. Firstly, it indicates that the market is beginning to bubble with excitement. We've been experiencing a Seller's need for a while now, and this upward price trend is likely due to the tightening grip of lower inventory levels. As the rule of supply and demand goes, reduced availability leads to higher prices, a condition favorable to sellers, who can secure a higher return on their investments.

Data for Condo Buyers in Santa Monica, 90402

But what does it mean for prospective buyers? Are they at a disadvantage in this Seller's market? Not necessarily. This uptick in market activity could be a blessing in disguise. While the price increase might seem discouraging initially, expanding inventory means more choices are available, a silver lining for those with a discerning eye for the right property. It's all about finding that perfect fit within your budget.

Santa Monica's 90402, it's notable that this real estate landscape continues to regain momentum each week. Although we're still quite a distance from the market’s zenith, we will have to keep an eye on the inventory levels to ascertain the duration of this growing trend.

Snapshot of the market trends, median price, price points, and price per square foot and date on the market in 90402, Santa Monica:

Median Price Sq. Ft. DOM (Date on the Market)

$6,247,500 3,592 143

$3,119,000 1,808 59

$2,245,000 1,542 91

However, the magic number for Santa Monica condos in 90402 is around $3M - these properties are enjoying the shortest duration on the market. This price point balances luxury and accessibility, making these properties hot commodities.

Data for Single Family Residence, Home Sellers in Santa Monica, 90402

We observe a trend shift in this week's real estate market update for single-family residences in Santa Monica, CA 90402. The median list price currently stands at $6,979,000; the market has been cooling down as the availability of homes rises, and demand decreases.

We can anticipate price reductions if we observe this downward trend. This week, Santa Monica, 90402, witnessed a price dip, continuing the recent trend of weaker pricing compared to their peak levels.

Whether you're a buyer or a seller, staying informed about these trends is essential to make savvy real estate decisions. Stay tuned for more updates as we monitor these evolving market conditions.

Median Price Sq. Ft. Lot Size DOM(Days on the market)

$15,888,888 7,000 0.25 - 0.5 acres 133

$7,988,000 4,200 8,000 - 10,000 sqft 56

$6,500,000 3,950 8,000 - 10,000 sqft 49

$3,574,500 1,903 4,500 - 6,500 sqft 49

Homes priced between $3,574,500 and $7,988,000 (the range you indicated as the sweet spot) were on the market for notably fewer days (49 to 56 days) than the one listed at $15,888,888, which was on the market for 133 days.

Data for Single Family Residence, Home Buyers in Santa Monica, 90402

In the current climate of Santa Monica's real estate market, prospective buyers stand to gain a substantial advantage. With the Market activity hinting at a shift towards a buyer's market and an increase in housing inventory, buyers have more options and negotiating power. This increased inventory provides a broader selection of properties to find a home that truly fits their needs and preferences.

Furthermore, the cooling down of the market and potential downward pressure on prices could mean buyers can secure properties at more competitive rates than before. With the recent price dip, opportunities for savings are on the rise.

This is a favorable moment for buyers, particularly those who are patient and willing to wait for a deal that aligns with their budget and housing needs. Staying informed about the latest market trends is crucial to seize the best opportunities in this dynamic market.

Bottom Line

The real estate market in Santa Monica's 90402 is teeming with opportunities for both buyers and sellers. Given the upward trend of property prices, sellers have the potential for greater returns. At the same time, buyers, with a wider variety of options available, can secure a property that suits their preferences and budget. The key is to monitor the Market to gauge market trends accurately and make informed decisions. After all, real estate is as much a game of strategy as it is of finance.

Why Choose Me as Your Realtor in Santa Monica's 90402: Expertise Meets Personal Touch

Buying or selling property is often one of the most significant financial decisions in a person's life. The intricacies of the residential real estate landscape can be daunting and complex, especially in a dynamic and sought-after area like Santa Monica's 90402. That's where I come in. I want to explain why I am the ideal realtor for your needs when the time comes to take that leap, either into a new home or toward selling your current one.

Deep Market Knowledge: With years of experience working in the Santa Monica area, I have accumulated extensive knowledge about this unique market. I understand the ebbs and flows, the trends, and the subtle nuances that come into play when dealing with properties in this area. Whether you're looking to buy or sell, I can provide the detailed insights you need to navigate this market successfully.

Negotiation Skills: A vital aspect of any real estate transaction is negotiation, and I pride myself on my ability to negotiate the best deals for my clients. Negotiation is a harmonious convergence of minds, designed to ensure neither party feels exploited, with an approach rooted in kindness, absolute clarity, and assertiveness. It emphasizes the importance of active listening, inquiry, and strong presentation skills—including personal letters, competitive terms, and price positioning—for optimal success, even amid multiple offers. Ultimately, I aim to maximize returns for sellers and secure dream properties at affordable prices for buyers.

Personalized Service: Every client and their real estate needs are unique, and I provide a personalized, tailored service that aligns with your needs and goals. This customized approach ensures you're not just another transaction but a valued client who gets the attention and service you deserve.

Integrity and Trust: Trust and integrity are at the core of any successful real estate transaction. I prioritize these principles, ensuring transparency in all dealings in Santa Monica's 90402.
At the heart of my identity lies the commitment to safeguarding the interests of home sellers and buyers.

Stellar Network: As a distinguished company like Berkshire Hathaway HomeServices California Properties, we aren't simply a local realty group but an international enterprise boasting global advertising reach and resources. We come equipped with top-notch public relations and marketing strategies that set us apart in the industry. You can access this robust network by opting for my real estate services, ensuring a smooth and integrated property buying or selling experience.

Results Driven: Ultimately, my success is measured by your satisfaction and the successful closing of your real estate transaction. I am committed to delivering results, whether finding your dream home or selling your property at a price that meets your expectations.

In short, as your realtor, I offer in-depth market knowledge, strong negotiation skills, and a personalized, client-centered approach built on trust. With me at your side, you'll have the guidance and expertise to navigate the vibrant Santa Monica 90402 real estate industry. So, when it's time to buy or sell, Call me at 310-422-9001, your trusted local expert. Together, we'll turn your real estate dreams into reality.