SANTA MONICA
The market remains competitive in the mid-tier range, while higher-priced homes ($6M+) experience slower movement and longer timelines.
Market Overview:
Active Listings: 58
Active Under Contract: 6 | Pending Sales: 10
Sold Last Month: 17
Avg. Days on Market (Sold): 25
Pricing Highlights
Key Trend: Mid-market homes priced between $2.5M and $4M see the most activity, often selling above list price within the first 30 days. Luxury properties ($6M+) are facing slower movement with increased buyer caution.
Alarming Numbers to Watch
1. Luxury Market Slowdown:
- High-end homes ($6M+) face an average DOM of 52 days, with SP/LP ratios dipping to 93.20% beyond 60 days.
2. Quick Sales Drive Volume:
- 65% of homes sell within 30 days, averaging 101.65% of list price, reflecting strong demand for well-priced homes.
- Listings lingering over 90 days drop to an SP/LP ratio of 86.85%.
3. Buyer Sensitivity:
- Average SP/LP ratio across all segments sits at 97.60%, emphasizing the importance of pricing strategically from the outset.
Buyer & Seller Dynamics
For Buyers:
- Leverage Negotiation on Stale Listings: Homes sitting longer than 60 days are more likely to accept offers below asking.
- Act Quickly on Well-Priced Homes: Properties in the $2.5M–$4M range are moving quickly and often attract multiple offers.
Trends Shaping Santa Monica’s Market:
- Mid-Tier Strength: Homes between $2.5M and $4M are the market's driving force, often selling above list price within days.
- Luxury Caution: Buyers in the $6M+ range are more selective, creating longer market times and more price reductions.
For buyers, this is an excellent time to negotiate on higher-priced listings while staying competitive for well-priced homes in the mid-tier range.
BRENTWOOD
As the Brentwood market enters the holiday season, trends reveal a blend of opportunities and challenges for both buyers and sellers. Here's a comprehensive breakdown of November's numbers and their implications.
Market Overview
Active Listings: 74
Active Under Contract: 6 | Pending Sales: 3
Sold Last Month: 12
Avg. Days on Market (Sold): 39
Key Observation: Brentwood's inventory remains healthy, offering buyers more choices while sellers face increased competition to stand out.
Pricing Highlights
Key Trend: Mid-tier homes ($3M–$5M) are seeing the fastest movement, while luxury properties ($8M+) face longer days on market and increased buyer scrutiny.
Alarming Numbers to Watch
1. Luxury Market Struggles:
- Properties over $8M are experiencing longer DOM, averaging 191 days for active listings.
- Sold-to-list price ratios for these homes dip to 83.88% after sitting over 120 days.
2. Mid-Tier Momentum:
- 67% of sold homes close within the first 30 days, achieving 96.45% of list price.
- Properties in the $3M–$5M range dominate this segment.
3. Rising Inventory:
- The current 6-month inventory supply offers buyers leverage in negotiations, especially for homes on the market beyond 60 days.
Joe’s Expert Take:
1. Look for Discounts on Stale Listings: Properties sitting over 90 days are more negotiable, especially in the luxury segment.
2. Target Mid-Tier Value: The $3M–$5M range is moving fastest but still presents opportunities with rising inventory.
3. From estates to escrows, I’m always here to help you win in Brentwood!
PACIFIC PALISADES
As we approach the year-end, the Pacific Palisades real estate market reveals opportunities for both buyers and sellers. Let’s dive into the latest data and trends shaping this luxury market.
Market Overview:
Active Listings: 70
Active Under Contract: 10 | Pending Sales: 10
Sold Last Month: 18
Avg. Days on Market (Sold): 37
Pricing Highlights:
Key Trend: Mid-market homes ($3M–$5M) are driving sales, with 56% selling within 30 days. Meanwhile, high-end properties ($8M+) see longer timelines and tougher negotiations.
Alarming Numbers to Watch
Luxury Market Challenges:
- Properties over $8M face DOM averaging 83 days, signaling a slower pace for top-tier homes.
- Sold-to-list price ratios drop to 95.21% for listings on the market over 120 days.
Quick Sales Dominate:
- 56% of sales close within the first 30 days, often above list price (avg. 101.07%
SP/LP ratio).
- Homes lingering past 60 days average a sold-to-list price ratio of 94.59%.
Rising Inventory:
- With 70 active listings and a steady pace of 18 sales per month, the market is nearing a 4-month inventory supply, signaling more negotiation room for
buyers.
Joe’s Expert Take:
Pacific Palisades remains a highly desirable market, but sellers must adapt to rising inventory by pricing competitively and emphasizing standout features. Buyers, this is your chance to negotiate deals on slower-moving listings while acting quickly on well-priced properties in the mid-tier market.
