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🏡 December 2023 Luxury Real Estate Market Update & Trends for Santa Monica, CA 🌟

🏡 December 2023 Luxury Real Estate Market Update & Trends for Santa Monica, CA 🌟

By Christophe Choo Posted Jan 23, 2024 Latest Updates, Market Activity, Real Estate Advice for Buyers & Sellers, Videos

🏡 December 2023 Luxury Real Estate Market Update & Trends for Santa Monica, CA 🌟

🔼 Avg Sales Price: $5.52 million, 📈 UP 49%

🔻 Avg List Price $5.36 million, 📉 down 4%

🔻 Properties Sold: 13 , 📉 down 9%

🔻 Days on Market: 49 📆, 📈 UP 65% Act Fast!

🔻 $/Sq FT: $1,444, 📉 down 2%

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As the sun sets on another bustling year, Santa Monica's real estate market presents a narrative as captivating as its iconic sunsets. This vibrant city, a self-contained gem known for its picturesque pier and the allure of Ocean Avenue, has shown movements in the market that are as dynamic as the tides along its famous boardwalk.

The Surge of Santa Monica's Luxury Homes
December brought us a surge in the average sales price for Santa Monica's luxury homes, a sizzling increase to $5.52 million, ascending nearly 50% from the previous quarter. This is no ordinary uptick; it's a crescendo in the symphony of the city's desirability, harmonizing perfectly with the upscale lifestyle that the area is renowned for. Whether it’s the grandeur of the estates or the modern beachfront condos, Santa Monica is setting the stage for opulence.

Deciphering the List Prices
A slight dip has been noted in the average list price, down 4% to a still impressive $5.36 million. But don't be misled; this minor adjustment is a strategic dance of the market, one that savvy investors and luxury home aficionados understand as an interlude to potentially more vigorous market performance.

Properties Sold: The Exclusive Thirteen
December witnessed 13 properties being handed over to new guardians. This 9% decrease is a seasonal whisper, typical of beachside enclaves during the cooler months. Yet, each of these 13 sales tells a tale of luxury, of dreams realized — a narrative that only Santa Monica can offer.

Timing the Market: The Santa Monica Tempo
The tempo has changed slightly, with days on the market rising to 49, a 65% increase. This leisurely pace, however, is not a cause for concern but a testament to the discernment of buyers and sellers alike, ensuring each transaction is as perfect as the city's panoramic ocean views.

Price per Square Foot: The Value of Every Inch
The price per square foot stands at an impressive $1,444, despite a slight 2% decrease. It remains one of the highest in the Westside of Los Angeles, emphasizing that in Santa Monica, every square inch is worth its weight in gold (or perhaps, in sunshine).

As we look towards the future, Santa Monica's real estate market remains a beacon of luxury and a stronghold of value. The slight shifts we see are but ripples in the vast ocean of the city's enduring appeal. Whether you're buying, selling, or simply dreaming, Santa Monica continues to be a place where real estate dreams come true.

For those looking to invest in a slice of this coastal paradise, or for sellers ready to pass on their keys, the time is ripe. Connect with a top realtor who understands the ebb and flow of this unique market. Santa Monica isn't just a location; it's a lifestyle.

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