News, Real Estate, Business, Santa Monica

Santa Monica Real Estate Market Update: January 2012 vs January 2011

Posted Feb. 5, 2012, 1:00 am

Michael Edlen / Real Estate Consultant

As of the end of January 2012, there were 60 single-family Santa Monica residences listed in the Multiple Listing Service (M.L.S.), which is 42 percent lower than the same time last year. Twelve homes have sold so far this year, and there are currently 41 homes in escrow in Santa Monica.

Median sale prices are currently $1,794,400, which is up 31 percent over the same period last year. The average sale price per square foot has increased by 23 percent as compared with the same period in 2011, and is now at $762 per square foot.

The lowest-priced available home is a one-bedroom, one-bath on 10th Street at $546,500. The highest-priced property is on Georgina Avenue. This six-bedroom, 9.5-bath house is listed at $9,995,000.

The lowest sale price so far this year was a two-bedroom, one-bath on Idaho, which sold for $650,000. The highest sale so far this year was a seven-bedroom, eight-bath on La Mesa Way, which sold for $9,400,375.