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Santa Monica Dirt by The Numbers

Posted by John Hathorn on September 20, 2016
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You have asked me and therefore I’ve studied the year-over-year MLS information for the past few days. So for all you quants out there – you might be surprised to learn that homes are selling a little more slowly than they did in 2015 – but the prices are a little higher. Don’t get too excited though. The North of Montana Avenue market is so small and tight that measuring only 40-50 sales (the 9 first months of the year) is not really the best way (not enough data) to draw very meaningful conclusions. It really takes about 2 years’ worth of sales to see real trends and movement in the stats but here are the numbers:

Average DOM (days on market) for the same period in 2015 was 35 days. So far, this year its 55 days.

dom_ytd2016

By this time last year there were 51 MLS closings. This year 42 have closed.

The $/sqft or price per square foot was higher last year by almost 3%, however, the average sale price is also higher this year by nearly 3%.

avglppersf_ytd2016avgsp_ytd2016

This neighborhood is one of the most sought after and expensive in the nation. I don’t expect to see demand lessening any time soon. Next post I will share the 2 year averages.

Here is your real-time 90402 MLS transaction data:

3 homes have come on the market, no home sold last week.

Here are three new listings:

537 Alta Avenue 6 bedrooms, 7 baths, fully priced at $8,995,000. Around 16,800 sqft lot and a Spanish style 5 bedroom home plus a guest house. Last sold in September 2007 for $7,900,000.

402 Alta Avenue4 bedrooms, 5 baths asking $4,795,000. This lot is under 7,000 sqft and the style and decor is rather specific but the west of 7th location might be enough of a draw that this home will see a lot of action. Last sold in April 2006 for $2,050,000.

215 21st Place – Best in Class! 5 bedrooms, 5 baths asking $4,695,000. Pence Hathorn Silver is proud to present this beautiful Mediterranean Spanish style home. Perfect floor plan, immaculate condition, 4 spacious bedrooms plus detached guest suite.  Sophisticated craftsmanship and details throughout. Franklin School District.

Call me for a couple of upcoming attractions that are not yet listed in the MLS, priced from $1.9 million to $8 million.  And….here are a few that we have listed in the MLS:

421 23rd Street5 bedrooms and 6 baths $5,995,000

416 18th Street5 bedrooms and 5.5 baths $4,950,000

215 21st Place 5 bedrooms and 4.5 baths $4,695,000

1012 2nd Street Unit# 23 bedrooms and 3.5 baths $3,488,000

1012 2nd Street Unit# 13 bedrooms and 2.75 baths $2,895,000

922 16th Street Unit# 3 – 3 bedrooms and 2.5 baths $899,000  

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