Santa Monica Real Estate Market Update | November 2008

It’s time for another breakdown of home/condo real estate sales in the Santa Monica, California market.

The stats just came out for November 2008 and the market has shifted somewhat dramatically here in Santa Monica, in light of the economic craziness we are caught in. With 278 active single family and condos on the market, and only 26 closed sales during November, this means there is now 10.6 months supply of inventory. Of even greater note, is the fact that homes, on average sold for 12% off their original asking price. Interestingly, once sellers took a price reduction, their properties then sold within 6% of the adjusted list price. I am talkin’ buyer’s market here!

As of this report, there are 0 single family homes and 7 condos that are bank-owned on the market, while only 4 REOs are in escrow. As for short sales, rumor has it that the banks are gearing up to work more short pays and avoid foreclosing on properties.

My prediction is that this will be kicked into high gear by Obama, once in office. So we’ll continue to see more short sales, which represent incredible buying opportunities for patient buyers. As for short sales in Santa Monica, currently there are 2 single family homes and 9 condos active and only 3 condos in escrow.

All in all, short sales and foreclosures make up less than 6.5% of the active listings in the Santa Monica real estate market. I continue to be excited by the incredible opportunities this market represents for buyers. With the help of a great agent (hint, hint!), there are some incredible deals to be had. I just helped a family buy a house that was listed as a short sale. The seller paid $835,000 for the house last year.

We just closed escrow for $715,000. I’m working on another short sale where the seller’s debt to the bank is almost $1.6M and it looks like we’ll have an accepted offer at somewhere around $1M. So, if you have Santa Monica real estate that you are thinking about selling, you need a strong agent and good, honest advice to get your property sold. If you are interested in a Market Snapshot for your area, you’ll love this tool!

Here is a breakdown of Santa Monica real estate home/condo sales for the month of November:

Listed below are the current inventory and October, 2008 statistics for home sales in the real estate market in Santa Monica, CA

CLAW/MLS deems information reliable but not guaranteed. Information is for MLS area 14. * – Supply = Homes Available/October Sales Are you looking to buy or sell real estate in Santa Monica, CA area? I would love to show you how I can save the most money by being on your side during the negotiations. If you have any questions or need more information about real estate in Santa Monica, CA call me at (310) 392-0096 or email me at Dana@BestSideOfTheWestside.. I’m looking forward to earning your business! Ask me about my Preferred Buyer Program for Santa Monica and Westside homebuyers.