Main Content

🏡 May 2024 Luxury Real Estate Market Update & Trends for Santa Monica, CA 🌟

🏡 May 2024 Luxury Real Estate Market Update & Trends for Santa Monica, CA 🌟

By Christophe Choo Posted Jun 24, 2024 Latest Updates, Market Activity, Real Estate Advice for Buyers & Sellers, Videos

🏡 May 2024 Luxury Real Estate Market Update & Trends for Santa Monica, CA 🌟

🔼 Avg Sales Price: $6.71 million, 📈 UP 68%

🔼 Avg List Price $4.91 million, 📈 UP 3%

🔼 Properties Sold: 22, 📈 UP 128%

🔼 Days on Market: 42 📆, 📈 UP 20%

⚪️ $/Sq FT: $1,581, no change 0%

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!

#santamonica #sellingla #realestate #marketsnapshot #luxuryrealestate #realestateupdate #santamonicahousingmarket #la #santamonicahomeprices #realtor #realestate #homes #homesforsale #homeprices #buyingahome #sellingahome #toprealtor #bestagent

Welcome to our latest update on the luxury real estate market in Santa Monica for May 2024! Santa Monica, known for its laid-back beach lifestyle, top-notch restaurants, and high-end shopping, continues to be one of the most sought-after locations on the west side of Los Angeles. Whether you're looking for beachfront properties, sophisticated condos, or beautiful luxury homes, Santa Monica has it all. Let's dive into the latest market trends and data for this desirable neighborhood.

Market Snapshot: Santa Monica

Average Sales Price: The average sales price in Santa Monica has surged to $6.71 million, marking a significant increase of 68% from the previous 90-day cycle. This substantial rise highlights the area's strong demand and the premium buyers are willing to pay for a piece of Santa Monica paradise.

Average List Price: The average list price has also seen an uptick, now at $4.91 million, up by 3%. This steady growth indicates a competitive market where sellers are confident in the value of their properties.

Properties Sold: May was a bustling month for Santa Monica real estate, with 22 properties sold, reflecting a remarkable 128% increase. This surge is typical as we move into the end of spring and the beginning of summer, when many people flock to LA to enjoy the weather and decide to invest in a pied-à-terre, condo, or luxury home.

Days on Market: The average days on market for properties in Santa Monica has increased to 42 days, up by 20%. This slight rise suggests that while properties are highly sought after, buyers are taking a bit more time to finalize their purchases, likely due to the competitive price points.

Price Per Square Foot: The price per square foot in Santa Monica remains high at $1,581, holding steady over the last 90 days. This consistency underscores the enduring value of real estate in this prime coastal location.

Why Santa Monica?
Santa Monica offers a unique blend of urban sophistication and beachside relaxation. Its diverse real estate options range from chic beachfront condos to sprawling luxury estates, catering to a wide range of lifestyle preferences. The city's vibrant cultural scene, excellent dining options, and upscale shopping venues make it an ideal place for those seeking both leisure and luxury.

Santa Monica's prime location also makes it a convenient choice for those who want to be close to other prestigious areas in Los Angeles, such as Beverly Hills. With its iconic pier, beautiful beaches, and renowned promenade, Santa Monica is more than just a place to live—it's a lifestyle.

Unlock the Hidden Wealth in Your Santa Monica Property
If you're a homeowner in Santa Monica, now is a perfect time to explore the hidden wealth in your property. With the market showing significant growth and high demand, you can take advantage of current trends to maximize your return on investment.

Thinking of Buying in Santa Monica?
For those considering purchasing a home in Santa Monica, the current market conditions present a fantastic opportunity. The diversity of properties available ensures there's something for everyone, whether you're looking for a luxurious beachfront estate or a cozy condo with stunning ocean views.

Work with a Real Estate Professional
Navigating the real estate market in Los Angeles, especially in areas like Santa Monica and Beverly Hills, requires expert guidance. Partnering with a knowledgeable real estate agent can provide you with insights into the latest market trends, help you find the best properties, and ensure you make a well-informed decision.

The Santa Monica real estate market in May 2024 is characterized by significant price increases, a surge in property sales, and steady high value per square foot. This makes it an attractive area for both buyers and sellers looking to capitalize on current market conditions. Whether you're interested in selling your home or finding a new one, Santa Monica offers a compelling mix of luxury, lifestyle, and investment potential.

For more information on the real estate market in Beverly Hills, home prices, market updates, and properties sold, stay tuned to our blog. If you’re ready to explore your options in Santa Monica or Beverly Hills, feel free to contact us today!

Skip to content