Santa Monica Real Estate Market Report: Insights by ZIP Code
Santa Monica is one of the most desirable coastal communities in Los Angeles, and its real estate market remains a mix of high-end homes, luxury condos, and investment opportunities. Whether you're looking to buy or sell, understanding current market trends is essential. Here's a breakdown of the latest real estate data across Santa Monica's five ZIP codes: 90401, 90402, 90403, 90404, and 90405.
90401 – Downtown Santa Monica
Single-Family Homes:
Median List Price: $8,191,944
Price Per Sq. Ft.: $2,417
Inventory: 2 homes
Market Condition: Slight Buyer’s Advantage
Trend: Despite high inventory, prices remain strong. If demand softens further, expect downward pressure on prices.
Condos/Townhomes:
Median List Price: $1,645,000
Price Per Sq. Ft.: $1,255
Inventory: 12 units
Market Condition: Slight Seller’s Advantage
Trend: Prices have started cooling, and inventory has grown. If demand weakens, expect further price declines.
90402 – North of Montana & Pacific Palisades Border
Single-Family Homes:
Median List Price: $6,595,000
Price Per Sq. Ft.: $1,979
Inventory: 32 homes
Market Condition: Slight Seller’s Advantage
Trend: Demand continues to drive prices up, with no signs of a slowdown.
Condos/Townhomes:
Median List Price: $1,810,000
Price Per Sq. Ft.: $1,329
Inventory: 24 units
Market Condition: Slight Buyer’s Advantage
Trend: While inventory is decreasing, pricing pressure is not yet upward. If supply continues shrinking, expect price growth.
90403 – Wilshire/Montana Neighborhood
Single-Family Homes:
Median List Price: $5,722,500
Price Per Sq. Ft.: $1,627
Inventory: 8 homes
Market Condition: Slight Seller’s Advantage
Trend: The market is cooling, but prices have not yet adjusted downward. If demand slows, prices may decline.
Condos/Townhomes:
Median List Price: $1,277,000
Price Per Sq. Ft.: $1,085
Inventory: 36 units
Market Condition: Strong Seller’s Market
Trend: Demand is outpacing supply, pushing prices higher. Expect continued appreciation.
90404 – Mid-City & Pico Neighborhoods
Single-Family Homes:
Median List Price: $1,585,000
Price Per Sq. Ft.: $959
Inventory: 7 homes
Market Condition: Slight Buyer’s Advantage
Trend: If inventory keeps rising, downward pressure on pricing is likely.【23】
Condos/Townhomes:
Median List Price: $1,097,000
Price Per Sq. Ft.: $941
Inventory: 30 units
Market Condition: Slight Seller’s Advantage
Trend: The market is cooling, and prices have been flat. If demand slows, prices may decline.
90405 – Ocean Park & Sunset Park
Single-Family Homes:
Median List Price: $2,395,000
Price Per Sq. Ft.: $1,653
Inventory: 17 homes
Market Condition: Strong Seller’s Market
Trend: Sales are outpacing new listings. If this continues, expect price growth.
Condos/Townhomes:
Median List Price: $1,450,000
Price Per Sq. Ft.: $1,118
Inventory: 25 units
Market Condition: Strong Seller’s Market
Trend: Prices have been stable, but market conditions may shift if demand decreases.
Conclusion: What Does This Mean for Buyers and Sellers?
Buyers: If you're looking in ZIP codes like 90404 or 90402 for condos, you may have an advantage as inventory remains high. If you're targeting single-family homes in 90405 or 90403, expect competitive conditions.
Sellers: Now is still a great time to sell in strong markets like 90403 for condos and 90405 for both homes and condos. Pricing correctly and marketing strategically will be key to attracting buyers.
For a detailed consultation or to explore available properties, contact me at RindePhilippe@bhhscal.com or call me at 310-422-9001. All the information has been obtained from Altos research weekly dive.