Sales of Santa Monica, CA condos remained steady in July, 2010. Despite a roller coaster-like fluctuation in market conditions over the last year, forty-one (41) Santa Monica, CA condos were sold in July of 2009, while the Combined L.A./Westside MLS reflects exactly the same number of forty-one (41) condos sold in Santa Monica for July 2010. This could be a positive indicator that the market is on the rebound, at least for west side condos, especially since the summer months are typically not peak home buying months.
Condos Sold in Santa Monica for July 2010:
Supply continues to slightly outpace demand as there was a 15% increase in available Santa Monica condos for sale for July 2010, as compared with the same month last year. There were two-hundred seventy-two (272) Santa Monica, CA condos listed on the market for July of 2010.
Increased sales price for Santa Monica condos is another positive indicator that the west side real estate market may be gaining momentum. The median sales price of Santa Monica, CA condos showed a 17% increase in July 2010, over the same month a year ago. The median ‘sold’ price for Santa Monica, CA condos in July, 2010 was eight-hundred and thirty-thousand dollars ($830,000) as compared to an average sold price of seven-hundred and ten-thousand dollars ($710,000) just a year ago.
Median Sold Price of Santa Monica Condos for July 2010:
The average 'days on market' for Santa Monica, CA condos in July 2010 is just about on pace with last year with most condos remaining on the market just over 70 days.
Though listing prices of Santa Monica, CA condos have changed less than 1% from July 2009 to July 2010, actual sales prices of Santa Monica, CA condos have increased significantly (17%), which shows that there is some healthy competition in the market for desirable Santa Monica condo units. A slightly more competitive market place, healthy supply, and realistic values should contribute to further market stabilization in the months ahead, and provided that new loan defaults are kept at bay.
Please contact me if you would like more information about the real estate market in Urban L.A., or the Santa Monica, CA condo market.
For a free list of homes for sale, please visit UrbanPulseProperties.com.
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