Santa Monica Real Estate Forecast 2019
The Santa Monica real estate forecast is currently on the cooler side of the action. Meaning, it's more favoring buyers than sellers, which is different from other areas in and around the larger LA market. But, that's okay because it means
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.
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