Has the Santa Monica Condominium Market Finally Reached Peak Prices, Post Palisades Fire?

As of March 2025, the median listing price for condos in Santa Monica is approximately $1.25 million to $1.4 million, based on recent data from platforms like Redfin and Zillow. The median sale price for condos in Santa Monica was around $1.15 million in February 2025, slightly down from $1.2 million a year earlier, reflecting a modest cooling.

Condos average $900–$1,100 per square foot, with luxury units near the beach or downtown reaching $1,500+. A 2-bedroom, 2-bath condo (1,200 sq ft) sold for $1.1 million in March 2025. A 3-bedroom, 2-bath condo (1,800 sq ft) in a beachfront building sold for $2.8 million in February 2025.

High-end condos in areas like Ocean Avenue or Wilshire Boulevard can list for $3–$7 million, especially with ocean views.

Santa Monica's condo inventory aligns with the broader California trend, with active listings up ~50% year-over-year in April 2025, part of Los Angeles County's 12,535 active listings (+50%). This increase offers buyers more choices, with ~100–150 condos for sale at any time.

California Context: The 50% year-over-year increase in active listings in April 2025 (vs. 31% nationally) reflects more sellers entering the market, driven by lower mortgage rates (~6.83% for 30-year fixed in April 2025, down from 7.79% in 2023). In Los Angeles County, including Santa Monica, new listings rose 9%, contributing to a 32% inventory increase since February 2024.

Days on Market: Santa Monica Condos spend a median of 30–40 days on the market, up from 25 days in 2024, indicating a shift toward a more balanced market.

Price Trends: Condo prices have risen modestly, with a 3–5% year-over-year increase, but some segments show slight declines due to higher inventory and affordability constraints.

Competition: Popular areas like Downtown Santa Monica or Ocean Park see 1–3 offers per listing, less intense than Newport Beach's coastal market.

Santa Monica's condo market remains robust despite rising inventory, as its coastal allure and urban amenities sustain demand, unlike West Adams' gentrification-driven boom. However, the affordability crisis (prices 8x income) limits buyers to high earners, and HOA fees ($400–$1,200/month) add hidden costs. The 50% inventory increase offers negotiation leverage, but chronic undersupply (California builds ~80,000 units annually vs. 180,000 needed) supports price resilience. Buyers should verify unit conditions and HOA financials, as older buildings may face maintenance issues. Sellers benefit from strong appreciation but face hefty capital gains taxes unless leveraging exemptions or 1031 exchanges.

In Santa Monica, condominiums are typically worth $1.1 million to $2.8 million, with a median listing price of $1.25 million and luxury units reaching $3–$7 million. The 50% inventory rise in April 2025 aligns with California's trend, offering more options but not drastically lowering prices due to persistent demand. Affordability remains a hurdle, with prices far exceeding income levels, similar to statewide challenges. Unlike West Adams' 107% growth, Santa Monica's condo values have risen steadily (40–50% over eight years).