Has living in the Santa Monica area piqued your interest? It is a very appealing area, and a good amount of people are moving there to raise a family, along with sending their kids to nearby schools.
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Santa Monica is a very appealing area to raise a family. Here is what is currently going on with the real estate trends in Santa Monica.
Before you talk to a Santa Monica realtor, it’s a smart idea to know some trends that are going on in the local real estate market.
How Competitive Is It?
This is usually considered a balanced market for the most part. That means that the supply and demand for homes in the area are about the same. A desirable home can be off the market in a little over three weeks, so be prepared to move quickly with an offer if need be.
How Long Are They On The Market?
Trends show that a home is on the market for roughly 50 or so days, save for the aforementioned desirable homes, before being sold. Yes, there have been times when they have been available for longer, but that is dependent on other conditions that drive things – like the economy and whether there is a global pandemic. Doing research will help give you the upper hand when it is time to go look for a place to buy.
How Many Homes Sell?
It’s hard to measure things over the course of a long time – people may decide to buy and sell quickly and others may want to stay there for many years, even decades. It is a very alluring area, after all, with a nearby beach and a lot of dining and entertainment options.
There may be some months when 25 homes may wind up being sold and other months where 90 or more might wind up changing owners. A real estate agent will be very attuned to how things are at any given moment and they can discuss that with you when you contact them.
What Does a Home Sell For?
Santa Monica is considered a fairly affluent area – the sale price of a home usually nears the $2 million mark, with the average being around $1.7 million. There are some that fall below that, but people should expect to pay at least $600,000 for those.
If you are comfortable with how things look in the real estate market in Santa Monica. then you should likely move ahead with viewing homes. The sooner you do that, the sooner you can become a resident in the area.
This is a contributed post.
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