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# What happened to real estate values?
- URL: https://www.smdp.com/what-happened-to-real-estate-values/
- Published: 2008-01-30T16:00:00.000Z
- Updated: 2026-10-24T23:09:10.000Z
- Author: Guest Author
- Tags: Opinion, Santa Monica, #archive-import

*By Simon Salloom Simon Says*

SO IS EVERYONE READY TO SEE HOW 2007 stacked up against 2006? And how it looks compared to our peak in 2004? Please note that in this article 2004 is considered the peak of our most recent housing boom because of the number of transactions that occurred.

In 2007, Santa Monica single family homes hit their highest median sales value of $1,691,750\. In 2006, the second highest year on record, we ended with a median sales price of $1,575,000\. The sales dollar volume (the amount of dollars spent on Santa Monica houses was up from $510,541,226 in 2006 to $569,571,243 in 2007\. The number of days on market in 2007 averaged 46 days up two days from 44 days in 2006\. The number of single family properties sold was 263 in ‘06 and 270 in ‘07.

Overall, single family homes in Santa Monica did notably better in 2007 versus 2006\. The two day increase in days on market is basically irrelevant. While the increase in the median sales price by about $100,000 and a slight increase in the number of homes sold is in a striking contrast to the media’s accounts of collapse and misery.

Santa Monica condominiums had a somewhat different experience. Santa Monica con-dos had a median sales price in 2006 of $755,000\. In 2007 the median sales price increased to $783,000\. Sales volume was at $417,848,122 in 2006\. In 2007 sales volume was down notably to $358,869,970\. The average days on market was about two months (57 days,) with a total number of sales at 408\. This is a decrease in the number of sales from 485 in 2006\. And an increase of almost two weeks from the 44 days on market experienced in ‘06\. In consideration of the decrease in number of sales and the almost two week increase in days on market, the demand for condos went down considerably in 2007 over 2006, even though values increased. A more studied approach to the condo market will show that the higher-end condos — properties sold for more than $850,000 — had shorter days on market than the lower end condos. And that the north of Wilshire neighborhood faired better than most other condo markets. Last year also experienced a significant mortgage industry shake-up. First-time homebuyers are the most susceptible to increased lender scrutiny. And these are the people who buy entry level condos. My guess is that once the mortgage industry settles down, and it becomes easier to attain mortgages, the condo market will begin performing a little better.

At the height of the condo market in 2004 the average days on market was 42, there were 677 sales and a total sales volume of $465,763,460\. The median sales price was $622,000.

For single family homes in Santa Monica in 2004, there were 333 sales, the average days on market was 37 and the sales dollar volume was $549,427,055\. The median sales price was $1,425,000.

So, some changes to our market — yes. Misery, tragedy, desperation — no.

SIMON SALLOOM is a local REALTOR with Coldwell Banker. His web-site is SantaMonicaSimon.com. There you can read his blog and post your comments.

*Originally published in the Santa Monica Daily Press print edition on January 30, 2008.* [Read the original PDF.](https://s3.us-east-1.amazonaws.com/smdp%5Fbackissues/013008.pdf?ref=smdp.com)