Is Santa Monica, CA a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since May 2023
Since last year, Santa Monica has remained a Seller's Market.
Housing Prices in Santa Monica, CA
How much do homes in Santa Monica, CA cost?
Median Sold Price
$1,830,000
$1,115/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Summary: The median home sold price in Santa Monica was $1,830,000 in May 2024, up 14.8% from last year, and the median price per square foot was $1,115.
Median Sold Price By Bedroom Count
# BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
---|---|---|---|
1 Bedroom | $749K | $751K | 0.3% |
2 Bedrooms | $1.3M | $1.5M | +14.4% |
3 Bedrooms | $1.9M | $2.0M | +6.2% |
4 Bedrooms | $3.8M | $3.5M | -5.5% |
5+ Bedrooms | $5.4M | $4.3M | -20.5% |
Summary: Santa Monica housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes increased by 0.3%, 2 bedroom homes increased by 14.4%, 3 bedroom homes increased by 6.2%, 4 bedroom homes decreased by 5.5%, and 5+ bedroom homes decreased by 20.5%.
Median Sold Price Compared To Nearby Cities
Santa Monica | $1.5M | $1.8M | +14.8% |
Los Angeles | $968.1K | $995.9K | +2.9% |
Housing Supply in Santa Monica, CA
How many homes are available in Santa Monica, CA?
Number of Homes For Sale
Apr 2024 | May 2024 | CHANGE |
---|---|---|
266 | 293 | +10.2% |
Summary: The Santa Monica real estate market had 293 homes for sale in May 2024, a 10.2% increase compared to April 2024.
Homes For Sale By Bedroom Count
# BEDS# BEDROOMS | Apr 2024 | May 2024 | CHANGE |
---|---|---|---|
1 Bedroom | 30 | 26 | -13.3% |
2 Bedrooms | 97 | 104 | +7.2% |
3 Bedrooms | 57 | 67 | +17.5% |
4 Bedrooms | 23 | 26 | +13.0% |
5+ Bedrooms | 59 | 70 | +18.6% |
Summary: The Santa Monica housing inventory by bedroom type for May 2024 compared to the previous month: The inventory of 1 bedroom homes decreased by 13.3%, 2 bedroom homes increased by 7.2%, 3 bedroom homes increased by 17.5%, 4 bedroom homes increased by 13%, and 5+ bedroom homes increased by 18.6%.
Number of Homes Sold
Apr 2024 | May 2024 | CHANGE |
---|---|---|
53 | 55 | +3.8% |
Asking Price vs. Sold Price
32 Homes Were Sold
Under Asking
7 Homes Were Sold
At Asking
16 Homes Were Sold
Over Asking
Summary: A total of 55 homes were sold or pending in Santa Monica in May 2024, up by 3.8% month-over-month. Of the 55 sold homes, 58% were sold under asking, 13% were sold at asking, and 29% were sold over asking.
Days on Market for Santa Monica, CA
How long does it take to sell a home in Santa Monica, CA?
Average Sale Time
May 2023 | May 2024 | CHANGE |
---|---|---|
42 Days | 33 Days | -21.7% |
Summary: Homes in Santa Monica had an average of 33 days on market in May 2024, down by 21.7% compared to last year.
Breakdown of Home Sale Times
34 Homes Were Sold
Under 30 Days
17 Homes Were Sold
In 30 - 90 Days
4 Homes Were Sold
Over 90 Days
Summary: During May 2024, 55 homes were sold in Santa Monica; 62% of homes were sold within 30 days, 31% of homes were sold within 30 to 90 days, and 7% of homes were sold over 90 days.