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MARKET REPORT SA NTA MONICA

2019 QUARTER 1

SANTA MONICA


EXPERT INSIGHTS SANTA MONICA Santa Monica is an affluent beachfront city situated on 3 miles of scenic coastline along the Santa Monica Bay, also known as the Queen’s Necklace. The city is also bordered on three sides by different neighborhoods of Los Angeles, including Pacific Palisades, Brentwood and Venice Beach, and neighborhoods are a mixture of high-end single-family homes, condominiums, and apartment buildings. Santa Monica became a famed resort town in the early 20th century due largely in part to its agreeable coastal climate, and has since boomed through the revitalization of its downtown core, significant job growth (especially in the tech industry) and increased tourism. The Santa Monica Pier remains the most popular tourist attraction in the city, with the Pacific Wheel standing as an iconic staple of the Santa Monica coastline. The scarcity of land to build combined with the city’s desirability to live and work have created a very stable residential real estate market. Home prices continue to experience an average annual growth rate of approximately six percent per year over the last decade and experienced minimal decreases during the most recent economic downturn. Santa Monica is comprised of several neighborhoods. The most notable residential areas include North of Montana, North of San Vicente, Santa Monica Canyon, Wilshire-Montana, Ocean Avenue, Mid-City Santa Monica, Ocean Park and Sunset Park. The following is a residential real estate market performance report for the first quarter of 2018, as well as a report for the last ten years for each of these neighborhoods.

OVERALL MARKET STATISTICS $2,593,601 AVERAGE SALES PRICE

67 AVERAGE DAYS ON MARKET

39 TOTAL UNITS SOLD

$101,150,458 TOTAL VOLUME SOLD

97.50% % LIST TO SALE


S A N TA M O N I C A MARKET AREAS NO.1 NORTH OF MONTANA

NO.5 OCEAN AVENUE

NO.2 NORTH OF SAN VICENTE

NO.6 MID-CITY SANTA MONICA

NO.3 SANTA MONICA CANYON

NO.7 OCEAN PARK

NO.4 WILSHIRE-MONTANA

NO.8 SUNSET PARK

NO.2

NO.1 NO.3

NO.4 NO.6

NO.8

NO.5

NO.7

©2019 Engel & Völkers. All rights reserved. Each brokerage independently owned and operated. Engel & Völkers and its independent License Partners are Equal Opportunity Employers and fully support the principals of the Fair Housing Act. All information provided is deemed reliable but is not guaranteed and should be independently verified. If your property is currently represented by a real estate broker, this is not an attempt to solicit your listing.

SANTAMONICA.EVUSA.COM


MARKET REPORT | 2019 QUARTER 1

S A N TA M O N I C A January - March

2019

2018

% Change

Average Sales Price

$4,471,671

$5,202,250

-14%

Average Price per SF Sold

$1,436.83

$1,144.54

26%

Median Sales Price

$4,153,500

$5,037,500

-18%

Properties Sold

7

8

-13%

Average Days on Market

43

50

-14%

Highest Sold Price

$8,375,000

$8,375,000

0%

Lowest Sold Price

$3,150,000

$3,475,000

-9%

98.78%

98.46%

0%

$31,301,700

$41,618,000

-25%

2019

2018

% Change

Average Sales Price

$2,885,000

N/A

N/A

Average Price per SF Sold

$1,035.53

N/A

N/A

Median Sales Price

$2,885,000

N/A

N/A

1

0

0

175

N/A

N/A

Highest Sold Price

$2,885,000

N/A

N/A

Lowest Sold Price

$2,885,000

N/A

N/A

76.12%

N/A

N/A

$2,885,000

N/A

N/A

% Sold Price to Avg List Price Total Dollar Volume

January - March

Properties Sold Average Days on Market

% Sold Price to Avg List Price Total Dollar Volume

SANTAMONICA.EVUSA.COM

NORTH OF MONTANA SINGLE FAMILY HOMES

14% AVERAGE SOLD PRICE

NORTH OF SAN VICENTE SINGLE FAMILY HOMES

N/A AVERAGE SOLD PRICE

©2019 Engel & Völkers. All rights reserved. Each brokerage independently owned and operated. Engel & Völkers and its independent License Partners are Equal Opportunity Employers and fully support the principals of the Fair Housing Act. All information provided is deemed reliable but is not guaranteed and should be independently verified. If your property is currently represented by a real estate broker, this is not an attempt to solicit your listing.


MARKET REPORT | 2019 QUARTER 1

S A N TA M O N I C A SANTA MONICA CANYON SINGLE FAMILY HOMES

38% AVERAGE SOLD PRICE

January - March

2019

2018

% Change

Average Sales Price

$2,717,500

$4,369,137

-38%

Average Price per SF Sold

$1,439.33

$1,248.83

15%

Median Sales Price

$2,597,500

$4,369,137

-41%

Properties Sold

4

2

100%

Average Days on Market

29

11

164%

Highest Sold Price

$3,148,333

$5,150,000

-39%

Lowest Sold Price

$1,425,000

$3,588,275

-60%

96.76%

104.03%

-7%

$10,870,000

$8,738,275

24%

2019

2018

% Change

Average Sales Price

$2,030,000

$3,633,444

-44%

Average Price per SF Sold

$1,405.33

$1,009.59

39%

Median Sales Price

$1,965,000

$3,633,444

-46%

% Sold Price to Avg List Price Total Dollar Volume

January - March

WILSHIRE-MONTANA SINGLE FAMILY HOMES

44

%

AVERAGE SOLD PRICE

Properties Sold

3

2

50%

Average Days on Market

95

39

144%

Highest Sold Price

$2,350,000

$4,600,000

-49%

Lowest Sold Price

$1,775,000

$2,666,888

-33%

111.17%

96.98%

15%

$6,090,000

$7,266,888

-16%

% Sold Price to Avg List Price Total Dollar Volume

©2019 Engel & Völkers. All rights reserved. Each brokerage independently owned and operated. Engel & Völkers and its independent License Partners are Equal Opportunity Employers and fully support the principals of the Fair Housing Act. All information provided is deemed reliable but is not guaranteed and should be independently verified. If your property is currently represented by a real estate broker, this is not an attempt to solicit your listing.

SANTAMONICA.EVUSA.COM


MARKET REPORT | 2019 QUARTER 1

S A N TA M O N I C A January - March

2019

2018

% Change

$1,304,370

$1,336,864

-2%

$998.03

$964.33

3%

$1,149,225

$1,249,000

-8%

Properties Sold

26

37

-30%

Average Days on Market

51

36

42%

Highest Sold Price

$2,350,000

$2,505,000

-6%

Lowest Sold Price

$650,000

$575,000

13%

% Sold Price to Avg List Price

100.12%

104.87%

-5%

$33,913,632

$49,463,999

-31%

2019

2018

% Change

Average Sales Price

$3,745,428

$2,670,000

40%

Average Price per SF Sold

$1,697.55

$1,509.51

12%

Median Sales Price

$2,375,000

$2,600,000

-9%

Properties Sold

7

5

40%

Average Days on Market

67

124

-46%

Highest Sold Price

$12,500,000

$3,650,000

242%

Lowest Sold Price

$660,000

$2,100,000

-69%

96.46%

96.27%

0%

$26,218,000

$13,350,000

96%

Average Sales Price Average Price per SF Sold Median Sales Price

Total Dollar Volume

January - March

% Sold Price to Avg List Price Total Dollar Volume

SANTAMONICA.EVUSA.COM

WILSHIRE-MONTANA CONDOMINIUMS

2% AVERAGE SOLD PRICE

OCEAN AVENUE CONDOMINIUMS

40% AVERAGE SOLD PRICE

©2019 Engel & Völkers. All rights reserved. Each brokerage independently owned and operated. Engel & Völkers and its independent License Partners are Equal Opportunity Employers and fully support the principals of the Fair Housing Act. All information provided is deemed reliable but is not guaranteed and should be independently verified. If your property is currently represented by a real estate broker, this is not an attempt to solicit your listing.


MARKET REPORT | 2019 QUARTER 1

S A N TA M O N I C A MIDTOWN SANTA MONICA CONDOMINIUMS

January - March

2019

2018

% Change

$1,059,272

$896,227

18%

$754.51

$847.69

-11%

$1,080,000

$967,500

12%

Properties Sold

11

11

0%

Average Days on Market

33

37

-11%

Average Sales Price Average Price per SF Sold Median Sales Price

18%

Highest Sold Price

$1,262,000

$1,310,000

-4%

Lowest Sold Price

$735,000

$452,000

63%

AVERAGE SOLD PRICE

% Sold Price to Avg List Price

101.29%

105.16%

-4%

$11,652,000

$9,858,500

18%

2019

2018

% Change

Average Sales Price

$2,102,953

$2,324,500

-10%

Average Price per SF Sold

$1,336.27

$1,064.26

26%

Median Sales Price

$2,053,860

$2,311,500

-11%

Properties Sold

6

4

50%

Average Days on Market

95

60

58%

Highest Sold Price

$3,145,000

$3,700,000

-15%

Lowest Sold Price

$1,235,000

$975,000

27%

95.68%

87.94%

9%

$12,617,721

$9,298,000

36%

Total Dollar Volume

OCEAN PARK SINGLE FAMILY HOMES

10% AVERAGE SOLD PRICE

January - March

% Sold Price to Avg List Price Total Dollar Volume

©2019 Engel & Völkers. All rights reserved. Each brokerage independently owned and operated. Engel & Völkers and its independent License Partners are Equal Opportunity Employers and fully support the principals of the Fair Housing Act. All information provided is deemed reliable but is not guaranteed and should be independently verified. If your property is currently represented by a real estate broker, this is not an attempt to solicit your listing.

SANTAMONICA.EVUSA.COM


MARKET REPORT | 2019 QUARTER 1

S A N TA M O N I C A January - March

2019

2018

% Change

Average Sales Price

$1,592,377

$1,348,083

18%

Average Price per SF Sold

$1,049.89

$988.96

6%

Median Sales Price

$1,244,400

$1,300,000

-4%

Properties Sold

9

12

-25%

Average Days on Market

94

39

141%

Highest Sold Price

$4,520,000

$2,550,000

77%

Lowest Sold Price

$619,000

$655,000

-5%

95.59%

102.45%

-7%

$14,331,400

$16,177,000

-11%

2019

2018

% Change

Average Sales Price

$2,115,061

$2,124,777

0%

Average Price per SF Sold

$1,154.79

$1,164.22

-1%

Median Sales Price

$1,845,000

$1,907,500

-3%

17

18

-6%

% Sold Price to Avg List Price Total Dollar Volume

January - March

Properties Sold Average Days on Market

64

27

137%

Highest Sold Price

$3,600,000

$3,950,000

-9%

Lowest Sold Price

$1,450,000

$1,550,000

-6%

97.50%

101.00%

-3%

$35,956,037

38,246,000

-6%

% Sold Price to Avg List Price Total Dollar Volume

SANTAMONICA.EVUSA.COM

OCEAN PARK CONDOMINIUMS

18% AVERAGE SOLD PRICE

SUNSET PARK SINGLE FAMILY HOMES

0% AVERAGE SOLD PRICE

©2019 Engel & Völkers. All rights reserved. Each brokerage independently owned and operated. Engel & Völkers and its independent License Partners are Equal Opportunity Employers and fully support the principals of the Fair Housing Act. All information provided is deemed reliable but is not guaranteed and should be independently verified. If your property is currently represented by a real estate broker, this is not an attempt to solicit your listing.


MARKET REPORT | 2019 QUARTER 1

S A N TA M O N I C A SUNSET PARK

January - March

2019

2018

% Change

$1,117,500

$857,000

30%

$705.40

$767.84

-8%

CONDOMINIUMS

Median Sales Price

$1,085,500

$915,000

19%

Properties Sold

4

5

-20%

Average Days on Market

21

35

-40%

Average Sales Price Average Price per SF Sold

30%

Highest Sold Price

$1,299,000

$1,205,000

8%

Lowest Sold Price

$1,000,000

$500,000

100%

AVERAGE SOLD PRICE

% Sold Price to Avg List Price

97.01%

108.54%

-11%

$4,470,000

$4,285,000

4%

Total Dollar Volume

©2019 Engel & Völkers. All rights reserved. Each brokerage independently owned and operated. Engel & Völkers and its independent License Partners are Equal Opportunity Employers and fully support the principals of the Fair Housing Act. All information provided is deemed reliable but is not guaranteed and should be independently verified. If your property is currently represented by a real estate broker, this is not an attempt to solicit your listing.

SANTAMONICA.EVUSA.COM


T H E L AY O F T H E L AN D 4

3

1. SANTA MONICA 2

2. PACIFIC PALISADES 3. MALIBU 4. BRENTWOOD 1

5. VENICE / MARINA DEL REY

5

SANTAMONICA.EVUSA.COM

©2019 Engel & Völkers. All rights reserved. Each brokerage independently owned and operated. Engel & Völkers and its independent License Partners are Equal Opportunity Employers and fully support the principals of the Fair Housing Act. All information provided is deemed reliable but is not guaranteed and should be independently verified. If your property is currently represented by a real estate broker, this is not an attempt to solicit your listing.


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©2019 Engel & Völkers. All rights reserved. Each brokerage independently owned and operated. Engel & Völkers and its independent License Partners are Equal Opportunity Employers and fully support the principals of the Fair Housing Act. All information provided is deemed reliable but is not guaranteed and should be independently verified. If your property is currently represented by a real estate broker, this is not an attempt to solicit your listing.

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