Have You Thought About Why You Might Want To Sell Your Santa Monica House? Top 5 reasons why moving could make sense for you.
Locals refer to Santa Monica as “The West Side" and many high tech, music, and film companies now are headquartered there, including Snap, DroneBase, Bird, Hulu streaming platform, Headspace, Lionsgate, Universal Music Group and others. Locals love Montana Avenue, which offers 150+ distinctive shops and cafes along one elegant tree-lined street.
About 90,000 residents live in Santa Monica’s 16-square-mile area, a year-round tourist hotspot. The Santa Monica beachfront and its world-famous Pier are filled with outdoor enthusiasts. The Pier has been open since 1909 and offers visitors an amusement park, snack shack, Health The Bay Aquarium, and great fishing, as well as a world-famous Ferris wheel that illuminates the night sky.
Santa Monica is a seller’s market, meaning that the number of buyers searching for homes in this highly sought-after area exceeds the number of properties available for purchase.
There are a lot of people looking to buy in Santa Monica and a lot of people moving to the area. It has great schools, great weather and a great community, and people want to be here. The issue is there’s a shortage of inventory; however, for someone who can get into the market now, the price is going to go only up.
When the market bottomed out in the late 2000s, the North of Montana market only went down 6% whereas Brentwood and Pacific Palisades went down 20-30%. This area, historically, is very recession-resistant. (source: Forbes).
Some Highlights
If you’re on the fence about selling your house in Santa Monica, it’s worth considering all the reasons why moving could make sense for you.
1. If you find your home no longer meets your needs, it may be time to sell
2. Properties in North and/or South of Montana, Santa Monica always seem to be in high demand
3. Santa Monica is a seller’s market now
4. Good investment; prices go up
5. Low inventory drives prices up
Local price trends still vary by market. Let's explore Santa Monica Trends for March 24, 2023:
This week the median list price for Santa Monica, 90402 is $8,250,000 with the market action index hovering around 37 This is an increase over last month's market action index of 35. Inventory has increased to 29. The market has achieved a relative stasis point in terms of supply and demand - conditions don't seem to be getting hotter or cooler. However, inventory is sufficiently low to keep us in the Seller's Market zone and prices have been moving upward as a result. Median rent is $16,998.
Properties in North of Montana always seem to be in high demand.
Looking at national data, Nataliya Polkovnichenko, Ph.D., Supervisory Economist at the Federal Housing Finance Agency (FHFA), explains:
“U.S. house prices were largely unchanged in the last four months and remained near the peak levels reached over the summer of 2022.
While higher mortgage rates have suppressed demand, low inventories of homes for sale have helped maintain relatively flat house prices.”
You have a lot to consider when deciding if you should move. Let’s connect today to go over the benefits of selling your house.
Alena Lehrer, Luxury Real Estate Specialist
Coldwell Banker Realty, Beverly Hills
cell: 310.437.3700
e-mail: [email protected]
