Santa Monica Real Estate Market Update

Sunday, 22 Jan 2012, 1:05:00 AM

Michael Edlen

As we began 2012, there were only 56 single-family Santa Monica residences listed in the Multiple Listing Service (M.L.S.), which is 48 percent lower than the same time last year. There were 234 Santa Monica homes sold in 2011 (which is two percent lower than this time last year), and there are currently 35 homes in escrow in Santa Monica.

Median sale prices are currently $1,450,000, which is down six percent from the same period last year. The average sale price per square foot has dropped by just one percent as compared with the same period in 2010, and is now at $735 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 La Mesa Drive. This seven-bedroom, 5.5-bath house is listed at $7,450,000.

The lowest sale price so far this year was a one-bedroom, one-bath on Cloverfield, which sold for $366,667. The highest sale so far this year was a five-bedroom, 7.5-bath half-acre ocean view estate on Adelaide Drive, which sold for $11,650,000.

There are 113 Santa Monica condominiums/townhouses on the market. They range from one-bedroom, one-bath on Lincoln Blvd. offered at $239,000, to a two-bedroom, three-bath on Ocean Avenue for $3,995,000. There are 48 condos currently in escrow. There were 352 condo sales in 2011, ranging from $137,500 for a studio on Cloverfield, to $5,175,000 for a three-bedroom, two-bath ocean view penthouse on California Avenue. The median condo sales price is $654,500, which is down three percent over the same period last year.

There are currently 98 leases available in Santa Monica. They range from $1,550 per month for a studio apartment on Ocean Avenue, to $145,000/month for an oceanfront five-bedroom, eight-bath home on Palisades Beach Road. In 2011, 630 Santa Monica homes or condos were leased. The highest lease was a six-bedroom, seven-bath on Palisades Beach Road for $60,000 per month, and the lowest was a one-bedroom, one-bath on Maple Street for $1,000/month.

This information is based on MLS records, and are deemed reliable, but not guaranteed. The “median” is the value of the middle home when the homes are arranged in an increasing order of prices.

Michael Edlen of Coldwell Banker, ranked in the top one percent of all agents nationwide, has been keeping statistics and tracking local housing trends for many years.

Copyright © 2011 by Santa Monica Mirror. All rights reserved.