Santa Monica 90401 Condo Market Snapshot

The latest data tells a nuanced story about the condo market in Downtown Santa Monica (90401). While the market leans slightly in favor of buyers, prices are continuing to hold strong, and in some cases, inch higher.

Median Listing Price: $2,288,750
Average Price per Sq. Ft.: $1,540
Median Rent: $3,660
Active Listings: 12
Average Days on Market: 95
42% of listings had a price reduction before selling
8% were relisted after not selling the first time

This shows that while sellers are adjusting prices to meet the market, the overall pricing trend remains resilient, especially for higher-quality listings.

What’s Driving the 90401 Condo Market Right Now?

The condos entering the market today are generally larger, newer, and better-finished than what we've seen in previous months. That improved quality is helping push the median price higher, even as demand eases.

It's also worth noting that no units sold above asking price in the latest cycle, and many sellers had to make price reductions before getting an offer. That’s a clear sign buyers are taking their time, comparing options, and negotiating where possible.

The only segment with real movement is the entry-level market, where two units recently closed around the $1.1 million mark. Higher-priced condos, on the other hand, are sitting longer, waiting for either the right buyer or a pricing adjustment.

What This Means for 90401, Whether Selling or Buying

Buyers: You have more choices and a bit more negotiating power right now, especially at the higher price points.
Sellers: Pricing strategy and presentation matter more than ever. Buyers are active, but selective.

Market Snapshot – 90402 Condos, Santa Monica

Median Listing Price: $1,531,500
Price per Sq. Ft.: $1,320
Median Rent: $4,398
Active Listings: 18
Average Days on Market: 92
Median Days on Market: 63
33% of listings had price reductions before selling
28% were relisted after not selling initially
No recent price increases or new construction closings

The market action index is at 32, signaling a slight seller’s advantage, but just barely. Compared to last month’s score of 33, momentum has eased slightly. This index tracks the balance of supply and demand, and when it drops, it often hints at weaker pricing power for sellers.

Notably, the mid-range segment around $2 million is where the action is, with two units absorbed and relatively low days on market. In contrast, the lower end ($885,000) is sitting the longest at 133 days, indicating less buyer urgency.

Pricing Trend, 90402, Santa Monica, Condo Market

The chart of median list price over time reveals a clear downward trajectory since the 2021 peak. This isn’t just a short-term dip—it reflects a longer pattern of softening prices across the 90402 condo market. For sellers, this means realistic pricing is critical. For buyers, it could present opportunities in a neighborhood where discounts were once rare.

Key Takeaways, 90402, Santa Monica Condo Market

The market favors sellers slightly, but the edge is narrowing.
The most competitive price is around $2 million.
Older units ( 54 years) dominate the segment—no new builds have sold recently.
Buyers are negotiating—price cuts and relistings are common.

Santa Monica 90403 Condo Market Update – May 2025

The 90403 condo market is showing signs of flattening, with the median list price holding at $1,422,500 and inventory climbing to 48 active listings. While it’s technically still a seller’s market, the Market Action Index (MAI) has declined from 41 last month to 37, signaling that momentum is cooling.

In this type of environment, pricing becomes more strategic, especially as buyers gain leverage.

90403 Condo Market Snapshot

Median Listing Price: $1,422,500
Price per Sq. Ft.: $1,090
Median Rent: $3,295
Inventory: 48 condos
Average Days on Market: 97
Median Days on Market: 49
27% of listings had a price reduction
17% were relisted after not selling initially

Despite the slowdown, demand is still outpacing supply slightly, giving sellers a narrow edge. However, if the MAI continues its decline and dips below 30, expect buyers to gain the upper hand and downward price pressure to follow.

Mid-tier and entry-level condos are seeing the most balanced activity. The sub-$1M segment is moving more slowly, while the $1.7M–$2.9M range is moving quickly, particularly newer units with updated features.

90404 Condo Market Snapshot

Median Listing Price: $1,189,500
Median Price of New Listings: $2,195,000
Price per Sq. Ft.: $930
Median Rent: $3,195
Inventory: 36 condos
Average Days on Market: 67
Median Days on Market: 60
28% of listings reduced their price before selling
22% were relisted after not selling the first time
No price increases or new construction sales this cycle

Buyers are becoming more selective, and sellers who want to stand out are adjusting pricing or re-listing their homes. If this trend continues, pricing pressure could build.

The most active range appears to be between $995,000 and $1.7M, where updated 2-bedroom units are attracting interest. Entry-level condos are sitting longer, but still seeing movement when priced correctly.

What to Watch in 90404 Condo Market

While prices have stayed steady for now, the declining Market Action Index suggests sellers may need to adjust their expectations. A sustained drop below 30 would indicate the market is tipping in favor of buyers.

For Buyers and Sellers in 90404 Condo Market

Sellers: Act now while you still have the edge. Price smart and make your listing stand out.
Buyers: Patience may pay off. Watch for price reductions and improved negotiation opportunities.

Santa Monica 90405 Condo Market Update

The condo market in Santa Monica’s 90405 zip code continues to cool. This week’s median list price is $1,049,000, and the Market Action Index (MAI) has slipped to 37, down from 38 last month. This puts the area in a slight seller’s market, but momentum is clearly slowing.

Inventory has climbed to 37 active listings, and price trends are beginning to reflect this shift. If the MAI drops below 30, expect increased downward pressure on pricing.

Median Listing Price: $1,049,000
Median Price of New Listings: $1,098,000
Price per Sq. Ft.: $1,063
Median Rent: $3,049
Inventory: 37 condos
Average Days on Market: 53
Median Days on Market: 49
32% of listings reduced their price
16% were relisted after not selling initially
No price increases or new construction closings

Buyers are gaining leverage. Many listings are sitting longer, prompting relistings or price drops. The market remains competitive in the mid-price segments, but overall activity is cooling

Mid-tier units between $850K and $1.4M are selling fastest. Luxury condos at over $2M are sitting longer, and entry-level one-bedrooms are showing mixed results depending on condition and location.

What to Watch in 90405 Condo Market

The pricing trend is trending down, and the Market Action Index is hovering just above neutral. If demand continues to soften or inventory grows further, we could move into a true buyer’s market. Sellers should act decisively, and buyers may soon find more room to negotiate.

Who Has the Advantage Right Now in 90405

Sellers: Still slightly ahead—but pricing needs to be strategic, and time on market is climbing.
Buyers: Better opportunities are emerging. Watch for continued price reductions and motivated sellers.

Contact Us

If you’re considering buying or selling a condo in Santa Monica, keep in mind that demand and pricing vary significantly by ZIP code. Understanding these nuances can make a big difference in your outcome.

If you’re in the market, contact us for a complimentary consultation. We’ll walk you through our marketing strategy and how we present your condo to attract top dollar. We stay on top of the market and know the subtle differences that matter.

Data sourced from Altos Research and The MLS.

Santa Monica Condo Market Report [90401, 90402, 90403, 90404, 90405]