December 31, 2017

Santa Monica Real Estate Market Rated ‘Very Healthy’

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Category: Santa Monica

According to the Santa Monica real estate market was given a 9.7/10 and rated very healthy.

The median home value in Santa Monica is $1,502,700. Santa Monica home values have gone up 7.9% over the past year and Zillow predicts they will rise 2.7% within the next year. The median list price per square foot in Santa Monica is $1,047, which is higher than the Los Angeles-Long Beach-Anaheim Metro average of $413. The median price of homes currently listed in Santa Monica is $1,795,000.

Foreclosures will be a factor impacting home values in the next several years. In Santa Monica 1.0 homes are foreclosed (per 10,000). This is greater than the Los Angeles-Long Beach-Anaheim Metro value of 0.9 and also lower than the national value of 1.6

Mortgage delinquency is the first step in the foreclosure process. This is when a homeowner fails to make a mortgage payment. The percent of delinquent mortgages in Santa Monica is 0.0%, which is lower than the national value of 0.0%. With U.S. home values having fallen by more than 20% nationally from their peak in 2007 until their trough in late 2011, many homeowners are now underwater on their mortgages, meaning they owe more than their home is worth. The percent of Santa Monica homeowners underwater on their mortgage is 0.0%, which is lower than Los Angeles-Long Beach-Anaheim Metro at 0.1%.

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