Wilshire Olympic

05/31/2022

Does anyone know of anything exciting coming up in the neighborhood they want to share?

05/26/2022

Here is the March 2022 Condo Market Report.

In March of 2022 we saw 8 new condo listings in the Wilshire Olympic are, which is just 1 less than the month before. Nothing significant here, as it seems pretty steady the last few months. Remember, Santa Monica always has pretty tight inventory. The average days on market has dropped significantly since last month from 79 to 11. This means inventory is moving fast. As it looks like the average price increased significantly from February, it’s important to really dive into the details. Specifically the average size of the unit and the average price per square foot ($/SF). You can see the average size of 1,287 square feet is significantly larger than February’s 936 SqFt. The rule of thumb is smaller units usually sell at a higher price per square foot, so when you compare them you might think, wow the prices have gone up significantly. However, if you remember what I mentioned for February’s report, when we removed the outlier that was skewing the data, we actually had an average price per square foot of $905/SF, compared to the $868/SF. Nevertheless, prices have gone up a bit from last month. If we take the average size of this month (1,287) and multiply it by $905 (last month’s $/SF) we get an average price of $1,165,000. Doing the same math, but multiplying it by $970 (this month’s $/SF) we get the $1,228,000, which is about a 6% increase. I just noticed my report says a 6% decrease…oops. :)

The interest rates continue to rise; However, we continue to go into escrow quickly with multiple offers above asking. The trend still seems to be going upwards. I am very curious how next month will be, will rates keep rising? Will things slow down? If you are interested in learning more and doing a deeper dive into this, let me know and we can add in more variables and provide more accurate predictions of where things will go.

05/02/2022

Here is the February 2022 Condo Market Report.

In February of 2022 we saw 9 new condo listings in the Wilshire Olympic are, which is a 12.5% increase in new listings from the month before. This is a good sign as it slightly indicates there may be additional inventory coming to the market in the coming months. Looking at the average days on market we see an 52% increase, that is due to one outlier property that sat on the market for 259 days. Removing that outlier puts us at an average of 8 days on the market, which is what we are currently seeing in the market (properties are moving fast). As it looks like the average price decreased significantly from January, you need to really look into the details. Specifically the average size of the unit and the overall condition. You can see the average size of 936 square feet is significantly smaller than January’s 1,411 SqFt. Also, there were only 3 properties that sold in February, which makes the weight of each unit substantial. One of the 3 was a fixer unit, priced low to sell fast (only on the market for 1 day). Usually when we have this little data, we tend to lengthen the timeframe of past sales to 3-months and even 6-months or we will widen our search to the bordering neighborhoods. Nevertheless, if we re do the market analysis and remove the one outlier that skewed our data, we actually have an average price per square foot of $905/SF. So now you may think the market has gone up. However, a good rule of thumb is the smaller the unit typically the price per square foot is higher and the larger the unit typically is lower. Again, we don’t usually use this little data to provide our market analysis, which is why there is a lot of explaining to do as we review the numbers.

As I mentioned for January’s report, it is important to continue monitoring the rise of interest rates. Seeing the rates jump a third of a point (almost 10%) from last month is a good amount. With such little data to use from February, it’s difficult to see how much this raise has affected the market. However, from what I am seeing with our inventory and how quickly we are going into escrow with multiple offers above asking, it still seems to be trending upwards. If you are interested in learning more and doing a deeper dive into this, let me know and we can add in more variables and provide more accurate predictions of where things will go.

04/29/2022

Here is the January 2022 Condo Market Report.

In January of 2022 we saw 8 new condo listings in the Wilshire Olympic are, which is an 800% increase in new listings from the month before (which was zero). However, this is to be expected as sellers and agents tend to push back listings to get through the holiday season. Looking at the average days on market we see an 86% increase, that is largely due to one outlier property that had been sitting on the market trying to get that higher price point for nearly 100 days. Although it looks like the average price decreased from December, it is kind of deceiving. You need to also take into consideration the average size of the unit and the average price per square foot. (For example, if you use December's size of 1,522 and multiply that by January's price per square foot $899, you actually get an average price of $1,368,000. Which is actually just over a 2% increase in the average price month over month.)

What I feel is very important to monitor is the rising interest rates. Yes, we know the Fed is planning to continue to raise rates, but what we don't know yet is how it is going to affect this hot market and the prices. If you are interested in learning more, don't hesitate to reach out or feel free to comment on here as well.

04/29/2022

Here is a summary and neighborhood breakdown of the Wilshire Olympic area:

The Wilshire Olympic area in Santa Monica is one of the most desirable places to live. With the world-famous alfresco 3rd Street Promenade shopping experience including name brand clothing, boutiques and restaurants, all in the heart of Downtown Santa Monica. You have easy access to to the PCH (Pacific Coast Highway) where you are minutes from Malibu and the scenic coastline. As well as access to the Santa Monica Freeway (or as the locals say, the 10) connecting you to Downtown Los Angeles (also known as DTLA) in twenty minutes and a direct route to Palm Springs.

This area is divided into three main neighborhoods: Downtown Santa Monica, Mid-City and the Pico District. Stretching from the Santa Monica Pier to Centinela Avenue. Which can be broken down even further into seven local neighborhoods: Santa Monica Center, SaMo Mid-City, The Collegiate Streets, Virginia Ave Park, Gandara Park, Olympic Studios, and Ocean - Olympic.

04/29/2022

Check out this video of Mid-City Santa Monica!

This centrally located enclave is home to a thriving arts scene with Bergamot Stations and 18th Street Arts Center. Learn more about Santa Monica at https://...

04/29/2022

Check out this video of Downtown Santa Monica.

Downtown really is an entertainment hub for Santa Monica, thanks to the farmers markets, restaurants, boutiques, bars, and movie theaters that line the stree...