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Market Update: What You Should Expect as a Buyer
- Below $500,000 – most competitive price range.
Expect 20+ offers on any house that is listed in this price range. Most of them well above the asking price.
- $500,000 – $600,000 price range – still very competitive.
If a home is priced right, expect 5 to 15 offers.
- $600,000 – $800,000 price range – most desired by today’s buyers.
If priced right, expect 3 to 5 offers.
- $800,000 – $1,000,000 price range – less competitive but don’t expect too much room for negotiations.
- $1,000,000 and higher price range – slow market.
Best price range for negotiating a lower price and getting a deal.
Santa Monica March Home Sales by Price Range:
Below $700,000:
- 2br/1ba, 972 SF home on 19th St by Pico – short sale that sold for $625,000, all cash, after 170 days on the market (first asking price was over $1MM)
- 2br/1ba, 670 SF home on 11th St by Ashland – REO that sold for $672,000.
$700,000 – $800,000 price range:
- 2br/2ba, 917SF home on Raymond Ave by Hill – short sale, sold for $720,000, after 11 months on the market with the original price of $898,000
- 3br/2ba, 1419SF home on Pearl St by 30th – trust sale, sold for $772,000
- 2br/1ba, 1056SF home on 29th St by Pearl – sold for $775,000
$800,000 – $1MM price range:
- 1br/1ba, 720 SF home on 12th St by Montana – bank owned property that sold for $930,000 after only 3 months on the market and with no price reductions (listed at $949,000)
Above $1MM:
9 homes sold in this price range in March.
The most expensive was a 3br/4ba architectural home on San Vicente Blvd by 11th that sold for $2,675,000
