The Following Article is from the Winter 2007 Newsletter
The Westside real estate market seems to be impervious to what is happening on the rest of the nation, including many areas in Los Angeles. While we have steady activity in the single-family home market, the condominium market is definitely softer with 180 + units on the market for sale right now. The single family market in north Santa Monica only has 35-40 homes on the market in any given week. In the spring of 2007 we had fewer than ten listings. As a point of reference, in 1994 during the peak of the downturn, we had 215 listings for sale at one point, about one years inventory. Fewer homes are selling these days in Santa Monica primarily because buyers have fewer choices with the substantially reduced inventory. This has forced some of Santa Monica’s buyers to look in Brentwood and the Pacific Palisades.