Spring in Santa Monica should mean good things for the real estate market. Prices in Santa Monica are up big! Single family and Condo prices are up double digits when compared to April. Volume was down significantly in Santa Monica over the same period though. This could signify a common theme we are seeing in certain markets.
In the more desirable markets, like Santa Monica, we are seeing inventory levels fall, which has pushed up prices as more buyers fight over less properties. If this trend continues, expect to see the housing market to start picking up fast. As the economy rebounds and more buyers are entering the market, still crowded with investors, inventory levels are falling as banks pull back on foreclosures.
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