As reported in http://realtytimes.com/rtmcrcond/California~Santa_Monica~katebransfield
Santa Monica, an affluent and highly desirable community has seen a slight drop in the last several years. This has resulted in a Buyers market.
There are more Buyers looking and the inventory is starting to increase.
Santa Monica stats as of Friday, August 30th, 2013
active Single Family Home listings =48
ranging from $859,000 to $34,995,000
average list price = $4,981,500
average square footage = 4,141.30
average price-per-square-foot = $1,281.23
average days-on-the-market = 53
active Condo / Townhome listings = 42
ranging from $299,000 to $4,488,000
average list price = $1,164,756
average square footage = 1,353.68
average price-per-square-foot = $804.04
average days-on-the-market = 57
The opportunities for Buyers are better now than they were in the past several years....and will continue to improve as the inventory increases.
We have seen the inventory continue increase in the last months. And the average "Days on the Market" has increased dramatically.
The rising interest rates are a factor as well. The anticipation of higher rates is prompting many Sellers to sell now, and is prompting many Buyers to buy now. It is even better news because the interest rates seem to have stabilized. It is important to remember that rates are still historically low and therefore a good time for Real Estate.
ZIP Codes: 90402, 90403, 90404, 90405
Location Characteristics: Wonderful, sea-side community with a vibrant real estate market
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