We analyze several housing market indicators in order to present an in-depth breakdown of Santa Monica Real Estate Market comparing February 2009 to February 2010.
Summary of Key Points
Santa Monica Real Estate has not yet shown any signs of improvement with median sales price dropping and median days on market going up. Sellers received 94% of asking price as compared to 96% last year. Units sold is not a great indicator since number of units involved is not large.
Key Statistics, Santa Monica, CA: Median Sales Price (-44.74%), Median Days on Market (58.64%), and Number of Units Sold (140.00%), Sales Price to List Price Ratio (Feb 09 96% – Feb 10 94%)
Santa Monica Real Estate
The city experienced a 44.74% decrease in median sales price from last year going down from $2,107,000 (Feb. 09) to $1,164,292 (Feb. 2010). Median days on market data for Santa Monica show that houses are selling slower than Feb 09. It took 49 days in Feb 09 for a house to sell and for Feb 10 that number has gone up to 77 days (a58.64% deterioration). Another important factor to consider is total number of units sold. In the month of Feb 09, 5 units were sold compared to 12 for Feb 10 (140.00% change). Lastly we are going to take a look at the Sales Price to List Price Ratio for Santa Monica. SP/LP ratio for Feb 09 was 96% compared to 94% for Feb 10.
Let’s take a brief look at neighbors Culver City and Torrance. Culver City Real Estate featured a 9.33% decrease in median sales price ($720,333 Feb 09 – $653,125 Feb 10) and Torrance Real Estate saw a 2.53% increase ($534,655 Feb 09 – $548,179 Feb 10). Are houses in Culver City and Torrance selling faster or slower this year? Well, Culver City experienced a 171.47% increase (31 to 83 days) in median days on market and Torrance saw a 41.54% increase (49 to 69 days). In the units sold category, Culver City sold 5 units more (166.67%) in Feb 2010 than 09 and Torrance sold 1 unit more (2.63%) in Feb 2010 than Feb 09.
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Santa Monica Real Estate Market Comparison Report (February 2009 Vs February 2010)
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