Looking to Buy Real Estate in Santa Monica? Here’s What You Need To Know
If you love sun and sand, consider investing in Santa Monica real estate. Not only does this enclave of Los Angeles have an average of more than 300 sunny days a year, it also has one of the best beaches in the world. Here’s what you need to know before diving into the housing market in this sought-after area.
Understanding the Neighborhoods
Though the city spans less than 9 square miles, Santa Monica listings for real estate are divided into eight distinct neighborhoods.
- Downtown Santa Monica/Third Street Promenade, distinguished by its heavy concentration of shops, restaurants and nightspots
- Main Street, which boasts a laid-back art vibe supported by galleries and international cuisine
- Mid-City, the furthest inland neighborhood known for its arts and entertainment options
- Montana Avenue, a largely residential area with rows of high-end retail
- Ocean Park Boulevard/Santa Monica Airport, home to many independent eateries as well as the Museum of Flying
- Pico Boulevard, a diverse area renowned for its galleries, boutiques and record stores
- Santa Monica Pier Area/Ocean Avenue, home to the city’s iconic oceanfront views
- Wilshire Boulevard, where you’ll find Douglas Park and Palisades Park
Navigating the Market
According to the most recent Santa Monica real estate data from Trulia, collected from March to June 2018, most properties in this area exceed the average Los Angeles housing prices. The median home sales price for LA homes was $869,500 during this time period, compared to a median of more than $1.76 million in Santa Monica. With prices rising rapidly in the warm Santa Monica housing market, it’s a smart time to invest in property here. Zillow predicts an average price increase of 8.3 percent for Santa Monica homes between May 2018 and May 2019.
Ready to take the plunge? Maser Condo Sales is your source for incredible properties in Santa Monica and beyond. Call us at 310-314-7700 to talk to one of our agents about your needs. He or she will help you find the perfect Los Angeles home.
