The Santa Monica, CA Condominium Market Trends Report is published... The easiest way to determine how the market is doing is by checking out the inventory. If Inventory is tight the likelihood of being a seller's market is high. So without further delay let's see the Inventory:
At a surface glance one would think that the inventory is improving hence the market should be changing. The Reality is there is so much pent up buyer needs that even if the inventory doubled it would still be a sellers market. Many buyers are starting to move off the proverbial fence due to the increase in interest rates.
Another interesting indicator as to how the market is doing is if we look at the Days on Market. That usually tells us if it is a fast market then the odds are likely we have to deal with multiple offer situations. Well with that said let's see the numbers:
Like I mentioned above eventhough the inventory increased there were more buyers than we could have expected. Hence it is clear that the DOM (The Days on Market) actually was shortened. So I do not need to even wonder what the prices would be like. I will take a wild guess that prices increased in the Santa Monica, CA Condominium closings. Well let's see:
From what I seen of the market activity, I was pleasantly surprised, I was anticipating prices to be much higher. This is great news for the buyers who are on the edge, they still have a chance to buy into the Santa Monica, CA Condominium Market.
Now if you are considering selling or buying please reach out to me directly!
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