Let's look at the Santa Monica real estate market for April 2019 and compare it to the same period in 2018.
The number of single family homes sold in April compared with the same month in 2018 rose 31%. Condo sales dropped 27.5%.
Inventory of single family homes increased by 25%. Condo inventory increased by 4%.
The median price for single family homes dropped 24% and 21% for condos over the previous year.
The average sales price of homes compared with the list price increased 2.7%. Condos dropped 1%. However the sold price in both categories is still over list price.
The average number of days that homes sat on the market increased 10% and dropped by 28% for condos.
Less than 5 months = sellers' market | 5 to 7 months = stable market | Over 7 months = buyers' market
Inventory is up in both categories but the Santa Monica housing market still remains a sellers' market.
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