Santa Monica Real Estate Market Update: Mid-February

Sunday, 26 Feb 2012, 12:03:00 AM

Michael Edlen

Median sale prices in Santa Monica is up 11 percent over the same period last year.
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Median sale prices in Santa Monica is up 11 percent over the same period last year.

As of the end of mid-February 2012, there were 135 Santa Monica condos/townhomes listed in the Multiple Listing Service (M.L.S.). Thirty-two have sold so far this year, and there are currently 70 condos/townhomes in escrow in Santa Monica.

Median sale prices are currently $730,000, which is up 11 percent over the same period last year. The average sale price per square foot has increased by 24 percent as compared with the same period in 2011, and is now at $726 per square foot.

The lowest-priced available condo is a one-bedroom, one-bath on Lincoln at $219,999. The highest-priced condo is a three-bedroom, 4.5-bath penthouse on Ocean Avenue, which is listed at $5,900,000.

The lowest sale price so far this year was a one-bedroom, one-bath on Stanford, which sold for $285,000 as a bank-owned property. The highest sale so far this year was a five-bedroom, seven-bath penthouse on Ocean Avenue, which sold for $10,500,000.

Michael Edlen has provided real estate counseling services for 25 years. He is ranked in the top 50 of Coldwell Banker agents nationwide. He can be reached at 310.230.7373 or Michael@MichaelEdlen.com. More information is available on MichaelEdlen.com.

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