Santa Monica Real Estate Forecast 2019

LOS ANGELES - Oct. 10, 2019 - PRLog -- Per Christiano Sampaio, Broker/Owner of Loftway, a prominent Los Angeles Real Estate Firm. The Santa Monica real estate market forecast is one that's presently undergoing a much-needed correction. While some surrounding neighborhoods and communities continue to experience increases in housing prices, Santa Monica is on the opposite trend.

Located on the coast of the Pacific Ocean, west of downtown Los Angeles, Santa Monica is home to the Santa Monica Pier, the Pacific amusement park, Looff Hippodrome Carousel, and the Santa Monica Pier Aquarium. It's also the home to the famous Muscle Beach and a number of art galleries.

Right now the Santa Monica real estate market typically favors buyers over sellers. This is due to the fact there's plenty of inventory available, but fewer active buyers in the area. In other words, Santa Monica is experiencing a disparity between buyers and sellers and is not a balanced market.

During the course of the past year, housing prices have actually fallen in Santa Monica by about 4.7 percent. Although, the median home value in Santa Monica stands at $1.68 million.

Nevertheless, economists and industry experts believe home values in Santa Monica will shrink by approximately 3.6 percent over the course of the coming year.

At this time, the median list price per square foot in the Santa Monica market is $1,122, which is above the LA metro area average of just $439. Meanwhile, the median price of homes for sale in Santa Monica is $1,799,500.

Presently, the median rent price per month in Santa Monica stands at $5,300, which is also higher than the LA metro figure of $3,200 per month.

Distressed properties constitute a very small portion of the Santa Monica residential real estate market. Right now, just 0.2 percent of homeowners in the community are delinquent on their mortgages. While underwater properties account for a mere 2.8 percent.

As you can see, the entire Santa Monica real estate market presents prime opportunities for buyers. And should do so for the foreseeable future.

Loftway is a full-service Real Estate brokerage dedicated to LOFTS and ARCHITECTURAL homes in the Los Angeles area.

When it's time to move forward with buying a loft, be sure to contact www.loftway.com, the premier Los Angeles Loft sales company.