Avatar 100pixels July in Santa Monica Real Estate Officially Heats UpEven though the June gloom seems to not exactly be burning off this summer season, the Real Estate Market is heating up quite nicely.  I’ve been pouring over data about Santa Monica real estate and have found that our absorption rate is rapidly climbing month over month since January 1.  What’s Absorption Rate?  Its the number of weeks it takes to sell the current inventory at the present rate of sales.  That translates to this July took more weeks for a home to sell than in January – March.  All because of this silly real estate formula!

And I’ll bet most of you thought we Realtors just put our pictures on bus benches and sat open houses – actually, some of us are working and deciphering the market!

Here’s a snapshot of July 2010 and what’s going on.

Picture 21 July in Santa Monica Real Estate Officially Heats Up

Santa Monica is a unique place no doubt, and it has its unique flavors in all neighborhoods and markets.  Did you know that the cheapest single family home in Santa Monica is only $479,000?

Granted, it needs work and is one of the smallest lots in Sunset Park Santa Monica, but what the heck?  Do you absolutely HAVE to be in Will Rogers School district and only have between $16,765 and $95,800 to spare for a down-payment?  Then this could be your prize.  We haven’t seen prices like this in a long time.  And with interest rates being what they are now, well, you can do the math.  Some people are really jumping out of the woodwork to buy a home.  If you would like to consult with a professional, I would do so soon.

The market is constantly in flux.  If you want to learn how you can save thousands on the purchase of your next Santa Monica home, you might want to start here.

See you in the neighborhood.

pixel July in Santa Monica Real Estate Officially Heats Up
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