🏡 June 2024 Luxury Real Estate Market Update & Trends for Santa Monica, CA 🌟
🏡 June 2024 Luxury Real Estate Market Update & Trends for Santa Monica, CA 🌟
🔻 Avg Sales Price: $3.42 million,📉 down 32%
🔼 Avg List Price $5.15 million, 📈 UP 9%
🔼 Properties Sold: 19, 📈 UP 30%
🔻Days on Market: 34 📆,📉 down 4%
🔻 $/Sq FT: $1,488, 📉 down 5%
Unlock the hidden wealth in your Santa Monica property! 🗝️💼 Curious about your home equity 💰? Thinking of buying in Santa Monica? 🏠🌴 Let's chat! Send a DM or call us at 📱 310-777-6342 for expert insights!
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Welcome to the latest update on the luxury real estate market in the beautiful beach community of Santa Monica, CA. Known for its laid-back beach lifestyle and upscale living, Santa Monica offers a range of properties from beachfront condos to sophisticated apartments and stunning estates. This prime location is one of the priciest areas on the west side of Los Angeles, attracting buyers from all over the world.
Market Overview
In June 2024, the average sales price for a home in Santa Monica was $3.42 million, which is a 32% decrease from previous months. However, the average list price has risen by 9% to $5.15 million, reflecting the area's ongoing desirability and the high-quality properties available. A total of 19 properties were sold in June, marking a significant 30% increase from the previous 90 days.
Market Time
The average days on market for properties in Santa Monica is currently 34 days, slightly down from previous months. This indicates that homes are selling relatively quickly, a positive sign for sellers looking to make a timely sale.
Price Per Square Foot
The price per square foot in Santa Monica remains one of the highest in the area, currently at $1,488, which is a 5% decrease from the previous 90 days. This high price per square foot underscores the premium nature of the real estate in this coveted beach community.
Real Estate Trends
Santa Monica continues to be a hot spot for luxury real estate, despite fluctuations in the average sales price. The increase in the average list price and the number of properties sold shows that demand remains strong. This makes Santa Monica a prime location for both buyers looking for their dream home and sellers aiming to capitalize on the market's strength.
Conclusion
If you're considering buying or selling a home in Santa Monica, now is a great time to explore your options. With its vibrant beach lifestyle, upscale living, and close proximity to Beverly Hills and the rest of Los Angeles, Santa Monica remains a top choice for luxury real estate.
Unlock the hidden wealth in your Santa Monica property! Curious about your home equity? Thinking of buying in Santa Monica? Let's chat! Send a DM or call us at 📱 310-777-6342 for expert insights!