T
he time it takes to get a home sold in North Santa Monica has dropped by
almost half compared to last year. 68 days in 2014 versus an average of 36 days
this year. This 48% drop in time on market is the most dramatic of the 6 metrics
I measured this week for this column. Price changes of only 2% on average sales while
the price per foot has increased by 20% to $1,328 per foot might seem confusing until
you drill a little deeper and realize that the most sought after properties have been
the properties perceived to be of land value only. These older, smaller homes skew the
numbers wildly.
For example a 1920's, dilapidated 1,900 sq ft tear down home that sells for $2.6M on a
50x150 lot equates to $1,368 per foot. The problem of course is that if you have a livable,
1980's, 4,500 ft home on a 50x150 lot and price it at $6,158,000 ($1,368 X 4,500 sq ft) you will
never see a purchase offer.
I analyze prices and properties every day. Call me for more information or a free, no
obligation comparative market analysis of your home or income property.
JOH N H AT HOR N
S A N T A M O N I C A D I R T
N O R T H O F M O N T A N A A V E M A R K E T R E C A P
W R I T T E N B Y :
J O H N H A T H O R N
N EIGHBORHOOD N EWS
2014 YTD 2015 % CHANGE
Average List Price $4,025,904.23 $ 4,112,898.44 2.16%
Average Sold Price $3,956,373.53 $ 4,047,526.22 2.30%
Median Sales Price $3,351,749.50 $ 3,475,000.00 3.68%
Average Days on Market 68.48 35.91 - 47.57%
Average Price per Foot $ 1,103.12 $1,327.91 20.38%
Number of Sales 94 64 - 31.91%
SANTA MONICA DIRT NUMBERS
1333 MONTANA AVENUE, SANTA MONICA, CA 90403
O 3 1 0 . 4 5 8 . 4 0 2 4 | M 3 1 0 . 9 2 4 . 4 0 1 4
P H S R E A LT Y. C O M
Partners Trust Real Estate Brokerage & Acquisitions does not guarantee the accuracy of square footage, lot size, or other information concerning the condition or features of the property provided by the seller or obtained from
public records or other sources and the buyer is advised to independently verify the accuracy of that information through personal inspection with appropriate licensed professionals. CALBRE# 01869103
$3,500,000
$3,000,000
$2,500,000
$2,000,000
$1,500,000
$1,000,000
$500,000
$0
2010 2011 2012 2013 2014 2015
Sale Price, Median
SOLD PROPERTIES ON THE WESTSIDE IN 2015
