Santa Monica condo market stronger than Brentwood’s

October 31, 2007 at 9:58 am Leave a comment

For years I’ve been telling clients that Santa Monica real estate appreciates more in an “up” market, goes down less in a “down” market. Some current numbers comparing condo sales over the past few months, from July 1 through October 30, illustrate the point.

Number of condos sold (closing escrow)

Month Santa Monica Brentwood

July 36 27

August 34 20

September 25 7

October 24 6

As you can see, sales dropped for both areas but the decline in Brentwood was much steeper.

Econ 1 says that price is a result of supply and demand. With demand for Santa Monica condos being significantly stronger than that for Brentwood condos, I expect Santa Monica prices to hold steadier, or at least decline less, than those for Brentwood condos.

This illustrates one of my principles of real estate analysis: there is no such thing as the real estate market. Instead, there are dozens of markets, each defined by location, property type, and even price range. Newspaper headlines only tell the story on a very broad basis. To find out what the market is doing in your neighborhood, contact me at http://www.SantaMonicaHomes.net. Whether you’re buying or selling, I can give you a realistic assessment of where the market is so that you can make the best decisions for you.

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Entry filed under: Market Conditions.

Some Common Mistakes Market Conditions for Santa Monica Real Estate, February 2008

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