Prices have risen about 8-10 percent over the past 14 months but seem to be moderating in the rate of increase. As of April 30, there were 49 single-family homes on the market in Santa Monica, down from 56 late in 2014 and a "normal" peak of 125 prior to the 2007/2008 financial meltdown. There were also 82 condos & townhouses on the market, up from 56 in early 2016 and a normal peak of 225 or so. Prices may continue to edge up but Sellers who are too ambitious may find their properties staying on the market longer than they have been.

Santa Monica single family homes on the market

# bedrooms	# on market	Median Asking Price
2 BR	5	$1,795,000
3 BR	15	$2,699,000
4 BR	10	$3,237,000
5+ BR	19	$7,595,000

 

Santa Monica condos on the market

# bedrooms	# on market	Median Asking Price
Studio	1	$785,000
1 BR	10	$1,212,000
2 BR	44	$1,373,000
3+ BR	27	$2,150,000

 

The immediate outlook now is still tilted toward that of a Seller's market, primarily due to low inventory, a condiiton which has existed for several years now. Demand is still ahead of supply, despite interest rates edging up, stricter loan underwriting criteria, and price increases over the past year. Price increases have been particulary pronounced at the lower end of the market. Recently I represented a Buyer who was one of 10 offers on a townhouse north of Wilshire in the $1.5M range.