Santa Monica Real Estate

According to LosAngeles.Com, Santa Monica has a population of approximately 88,500. Santa Monica offers homes from condos and apartments, to spacious new mansions. According to Los Angeles.Com, Santa Monica attracts professionals and families, offering schools of "the highest caliber."

MLS.Com also has much to say for Santa Monica and the future of the city's real estate. According to MLS.Com, Santa Monica has less air pollution and traffic, making it a quieter alternative to the bustling Los Angeles area. Santa Monica offers twenty three parks and two swimming facilities.

But what about the Real Estate?

The average list price for a home in Santa Monica in 2003 was $529,019 and the average sale price was $621,095. The median age is 39 and thirty-eight percent of the households have children.

Judy Kunisaki reported in an article for Realty Times that Santa Monica is actually experiencing a seller's market. According to Kunisaki, inventory has dropped. There were only 41 single family homes actively listed between January 1, 2005 and February 19, 2005. The prices ranged from $615,000 to $13,999,000. There were 48 condos and townhouses actively listed ranging from $299,000 to $3,000,000.

Rick Lombardo, in a Realty Times Articles, suggests that there are a large number of buyers looking for homes. Lombardo adds that the average home seems to be listed in Santa Monica for 21 days before it sells. This, combined with the lowering of inventory and the information listed above indicates the continuation of a "seller's market" phenomenon that is taking place in Santa Monica real estate.