Santa Monica, Spanish for Saint Monica, is a coastal city in western California. This is known for its spectacular beaches, the Pacific Park and the Santa Monica Pier. So it seems like a quite beautiful place to live in. But there are a few things you need to know about Santa Monica and its real estate before moving to the place. Some of these are listed below.
Santa Monica real estate is expensive, to say the least. The city has an average price of 1.6 million dollars per house and therefore it is difficult to purchase a house in the area. So if you are planning to buy or sell a house, you will need to learn about the dynamics of the real estate market in the area.
It can be said that Santa Monica’s real estate is primarily a seller’s market with buyers showing high demand for limited inventory and houses selling very quickly. Even though the buyers can bargain and negotiate for a lower price, the sellers have the edge here, since most of the houses do not stay on the market for long.
Single family homes are the most selling homes in Santa Monica. There are condos and townhouses that are popular in the City, but references are always towards single-family houses. Ocean Avenue is one of the hottest places for houses like these.
Another problem with buying a house in Santa Monica is finding a house that has not been sold. Most houses in Santa Monica sell within 1 to 3 months and usually do not take longer. In a survey that was conducted with 52 houses, the longest it took for a house to sell was a maximum of 3 months and did not take longer than that. This again goes to prove that Santa Monica has a strong sellers market.
In a survey conducted in March 2016, it was observed that out of the 81 houses under study, the median time that a listing remained active before it was sold was 54 days. This was a huge improvement when compared to January but it was slightly lower than in February.
Before looking for a house, try to calculate the amount of money you have to spend on housing and rent before moving to Santa Monica because it can be a bit difficult since the market is primarily a seller’s market. So keep these points in mind before trying to buy a house in Santa Monica.