June 2012 was not the greatest month for Santa Monica. Prices were down almost 10% on the single family side and volume was down (although only by 1 less sale than in May). We will continue to monitor this market as it’s going to be interesting to see what happens. Santa Monica is a solid market, and should be through the rough part of the housing crisis. This slight down tick could be attributed to the inventory shortages that are hitting most of Southern California. We would have expected prices to increase but the decrease can be attributed to many things such as, home size, location, age and quality.
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