The Nitty-Gritty: What’s on the Market?

Alright, let’s talk turkey. Or in this case, let’s talk houses. The 90405 market is hotter than a Malibu beach in August, with prices that might make your eyes water more than cutting onions. But before you start hyperventilating into a paper bag, let’s break it down.

From Cozy Condos to Palatial Pads

You know that dream you had about living in a charming 1920s bungalow with a white picket fence? It’s here, nestled between modern marvels that look like they’ve been plucked from the pages of Architectural Digest. The median home price in 90405 is hovering around $1.8 million, which might sound like Monopoly money, but remember – location, location, location.

For those of us who haven’t invented the next big app (yet), fear not. Condos and townhomes offer a more wallet-friendly entry point into the 90405 club. Imagine sipping your morning coffee on a balcony overlooking the city, all for the low, low price of… well, still a lot, but less than a house.

Let’s dive into some specific property types and their current market status:

1. Single-Family Homes:
2. Median Price: $1,970,000
3. Average Size: 1,500-2,500 sq ft

4. Notable Features: Many homes in this category feature mid-century modern architecture or have been recently renovated to include smart home technology and energy-efficient appliances.

5. Condominiums:

6. Median Price: $1,095,000
7. Average Size: 800-1,200 sq ft

8. Notable Features: Rooftop decks, community pools, and secured parking are common amenities in newer condo developments.

9. Townhouses:

10. Median Price: $1,450,000
11. Average Size: 1,200-1,800 sq ft

12. Notable Features: Many townhouses in 90405 offer small private yards or patios, perfect for those who want a bit of outdoor space without the maintenance of a full-sized lot.

13. Luxury Properties:

14. Price Range: $3,000,000 – $10,000,000+
15. Average Size: 3,000-6,000 sq ft
16. Notable Features: Ocean views, private pools, and high-end finishes are standard in this category. Some properties in this range are within walking distance of the beach.

The Market Madness: Trends and Tips

Here’s the tea: The 90405 market is competitive. Like, The Hunger Games competitive. Homes are flying off the shelves faster than limited edition sneakers, often selling above asking price. But don’t let that scare you off. With the right strategy (and a killer real estate agent), you can still find your slice of Santa Monica heaven.

Pro tip: Keep an eye on those days on market stats. If a place has been lingering for more than a few weeks, there might be room for negotiation. Just don’t lowball too hard – you don’t want to offend the seller and end up blacklisted from the neighborhood block parties.

According to Redfin, the 90405 housing market is somewhat competitive, with homes receiving an average of 3 offers and selling in about 37 days. Here are some key statistics to keep in mind:

• Median Sale Price: $1.8 million (up 2.3% year-over-year)
• Sale-to-List Price: 99% (meaning homes typically sell for close to their listing price)
• Homes Sold Above List Price: 30.3%
• Median Price per Square Foot: $1,010

Katie Severance, a Realtor with Douglas Elliman, offers this advice: In competitive markets like 90405, it’s crucial to have your financing in order before you start looking. Pre-approval for a mortgage can give you an edge when multiple offers are on the table.