Santa Monica Snapshot

Like the rest of the Westside, the Santa Monica real estate market got super hot in 2020. Due to the pandemic, wealthy individuals moved away from big cities like Boston, New York, and San Francisco and moved to Los Angeles in search of land and space. The median home price in October of 2021 is $3.4m and the days on market continue to get shorter. While it is generally expected that sales will decrease in the winter months, the price per square foot in Santa Monica actually went up 10% in Q3 compared to Q2. 

If you are a seller, Santa Monica has about 2 months of inventory, the price per square foot is strong, and homes are selling for about 101% of their list price. For buyers, while this is generally a sellers market, we are seeing an uptick in inventory citywide and we have interest rates at historic lows, giving you the maximum purchasing power.  

The most exclusive area for real estate in Santa Monica is likely the area west of 7th street to Ocean Boulevard. There are roughly 270 homes in that area. The properties are larger and the streets wider. Santa Monica is traditionally more recession-resistant as well. In the late 2000s, the North of Montana market only went down 6.6% whereas Brentwood and Pacific Palisades went down 20-30%.