Santa Monica Dirt by John Hathorn July 12th, 2012
Take a guess as to how many 90402 homes closed escrow in 2011. If you guessed 82 you would be correct. In 2002 there were 134 closed sales in the same area. There has been a steady decline in the number of sales each year since 2002, until 2010, which appears to be the year in which sales – not prices, began to turn upward. The slowest year for sales was 2009 with only 67 closings.
Some agents and brokers feel that this decrease actually has a benefit, since transactions in general have become much more time consuming and complex; in the 1970’s, I’m told that the entire listing and sale contract was a single 8.5”X11” piece of paper! These days, there are hundreds of pages to process and selling more than a few homes per month for some agents has become unsustainable as they are not staffed and equipped to handle the work.
Prices are still much higher than they were in 2002 and since brokers are compensated by a percentage of the sales price, many brokers are not suffering financially.
In reference to the graph below, the trend-line shows an eight-year slide in numbers of homes sold. Some experts say that real estate cycles are very similar and therefore after an eight year decrease, we can expect an eight year increase in sales. Wishful thinking?
- Currently we are on track to see at least the same number as 2011 sales, if not more.
- Our current Days on Market (DOM) is about the same as it was during the 2007 peak. In 2009 it was a little more than double- 69 vs. 33 days. 2012 is showing the lowest DOM since the 2007 peak.
- Our average sales price has not yet come back to 2007’s peak of $3.3 million, but we are at the highest since the 2009 fall. The average in 2009, $2.6 million was down 27%. Currently we are down about 10% from the peak.
- The List price to sales price ratio is also up from the 2009 low. The 2009 ratio was 92.5% vs. 99.47% at the market peak a 7.5% difference. Currently we are 1.7% off the peak.
- In the last 10 years the dollar per sq. ft. has increased by 39%. It peaked in 2006 at $912. Currently it is the highest it has been since 2007/2008 peak at $847. Currently we are about 8% off the peak $/SQFT. In 2010 our $/SQFT was $802 which was the lowest since the peak, off by about 14%.
Here is your real estate news:
Active/ Available New Listings
428 21st Pl. – 4bd + 3ba. $3,675,000. Three bedrooms upstairs & maid’s room downstairs. This property was listed with a few various agents in 2009, and eventually sold in November 2009 for $3,250,000 (see right photo).
309 18th St. – 4bd + 3.5ba. $3,888,000. Two story Spanish features hardwood floors, vaulted ceilings, separate game room. Last sold in 1994 for $975,000.
533 21st Pl. – 5bd + 3.5ba. $3,388,000. Remodeled with grassy backyard w/lagoon style pool. Public records show prior sales in 2000 for $1,550,000 and again in 2006 for $2,695,000.
144 Mabery Rd. – 4bd + 3ba. $2,549,000. Spanish style two story home with close proximity to the beach and local restaurants. Last sold 12 years ago. Listed in April 2001 but after 6 months expired in October 2001. I predict a $2.2 – $2.3 million sales price.
2222 San Vicente Blvd. – 4bd + 3ba. $1,749,000. Ranch style home. Needs updating. First time on the market since November 1996.
New Sales (Now In Escrow/ Sale Pending)
422 22nd St. – 5bd + 4.5ba. $2,975,000. I look forward to seeing the closing sales price on this very unique home on an apx. 7,500 sq. ft. lot.
305 10th St. – 5bd + 3ba. $2,450,000. It’s a very well-priced, fixer upper (or scraper) with a nearly 11,000 sq. foot lot. The Landmark Commission will no-doubt have the final word on its development.
415 17th St. – 5bd + 5.5ba. $4,850,000. Built new in 2011. Beautiful and sophisticated traditional (The most popular style new construction home for the past few years). This home had multiple offers and sold within a few days of hitting the market.
Pence Hathorn Silver Active Properties:
101 17th St. – 6bd + 8.5ba – $6,750,000
145 Ocean Avenue Ext. – 5bd + 5.5ba – $5,549,000
635 20th St. – 4bd + 5.5ba – $4,250,000
825 Berkeley St. – 4bd + 5.5ba – $3,995,000
239 21st Pl. – 6bd + 5.5ba – $3,795,000
343 14th St. – 4bd + 4.5ba – $3,650,000
1550 Old Oak Rd. – 3bd + 2.5ba – $3,650,000
401 18th St. – 4bd + 4.5ba – $3,325,000
307 21st St. – 5bd + 4.75ba – $3,095,000
551 Lincoln Blvd. – 5bd + 4.5ba – $2,998,000
745 19th St. – 3bd + 2ba – $1,995,000
2060 Benedict Canyon Dr – 3bd + 2.5ba – $1,199,000
Search for more homes, see real time analytics and learn about the North Santa Monica / North of Montana Ave community on our North of Montana blog.
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