Santa Monica, where the waves meet wealth, has delivered a February real estate report that’s as refreshing as its ocean breeze. While the average sales price took a dip, the market’s vitality continues to surge with promise.
February’s Finest Sales
The seaside splendor of Santa Monica witnessed top sales that made waves, with 447 Sycamore Rd leading the charge at a cool $2,982,653. These numbers are more than just transactions; they’re the lifeline of luxury living.
The Marketplace Pulse
With 400 active listings, Santa Monica is a treasure chest of opportunities. The drop in average sales price to $3,338,906 might whisper of market adjustments, but the increase in average price per square foot to $1,540 speaks louder of enduring value.
Sales and Sands
The stability in days on the market at 29 days indicates a steady demand for the beach city’s charm, while a sale-to-list price ratio of 69.44% suggests a market finding its equilibrium.
A Shifting Horizon
The significant rise in months of inventory from 26 to 44 suggests a growing selection for buyers. It’s a fertile ground for investment, tempered by the reality of climbing mortgage rates, now at 7.15%.
Santa Monica’s real estate may be riding the waves of change, but the February market report shows a city that’s as adaptable as it is desirable. Whether you’re investing or nestling in, it’s a market that rewards the informed and the insightful.
