When we talk about real estate trends we are referring to the shifts and changes within the market and common directions which the market may take. 

Knowing the Santa Monica real estate trends will help you to better understand the overall market in this area and what you can expect whether you are buying or selling a property. This will also help you to know what sort of questions you should ask your Santa Monica Realtor.

How Popular Are Santa Monica Homes?

Whilst in some places you can struggle to get a single offer on a property, homes in Santa Monica often receive multiple bids and on average receive 3 bids per house.

Decent homes can be sold 4% above the market price with ease and sold within about 1 month. The more standard homes sell at the list price within about 1-1 ½ months. No homes should take any longer than 3 months to sell. 

This means that the Santa Monica real estate market is somewhat competitive so if you are looking to buy you might not be the only bidder and if you are looking to sell then you may have multiple offers. 

Will The Santa Monica Real Estate Market Rise Or Fall?

Predicting the market is as difficult as predicting company stock worth. However, by reviewing the rises and falls of the last year it will give you a good idea as to how much the property in this area might change in value. 

The median sale price is the mid-range cost estimate at which half of the homes are more expensive and half are more cost effective. 

2019 Santa Monica Real Estate

In January 2019 the Median Sale Price was 1.1 Million dollars. This cost fluctuated over the next few months but finished the year at a steady 1.6 Million. 

2020 Santa Monica Real Estate

In 2020 the market median started off at 1.4 million then 2 months later rose to 1.8 million but after just one month it dropped down again to 1.3 and though it continued to rise and fall it stayed at that number by the end of the year.

2021 Santa Monica Real Estate

Now in 2021 we see the Median Price in January at 1.2 Million and shoot straight up to 1.7 million by March. In August, the price reached a whopping 1.9 million but overall the price range balanced out between 1.5-1.7.

Conclusion

Based on the trends over the past few years, January is often a low month ideal for buying and March is a higher month ideal for selling. The homes in this area sell easily for their market price or more and usually do not take longer than 1-1 ½ months to sell.