Santa Monica Real Estate: Sale of Luxury Houses in the Area Rises 107% in Summer 2015

It's a big season for Santa Monica as the number of luxury homes sold in the area has increased by 107 percent from summer 2014--the biggest increase in closed sales of high-end single-family homes, out of all the top 33 housing markets. From May to July 2015, 31 houses costing $3 million and up have been sold in the South Californian city.

According to a report by Curbed L.A., 2015 is shaping to become another big year for Santa Monica (affectionately called "SaMo" by its residents) after the North of Montana section became the most expensive housing market in the Los Angeles county in 2014, with a median price of $3.1 million. That's even higher than more popular markets like Bel Air, which placed third, with $2.4 million, and Beverly Hills, which placed tenth, with a measly $2 million. Bel Air, however, maintains the title for the most expensive neighborhood, with a mean over $3-million property closed sales price of $8,563,649. Beverly Hills also posted a higher luxury homes closed sales count than 38 homes sold, up from the previous year's 22 units.

The data from Sotheby's International Realty attributes the increase to Santa Monica's "relaxing beach culture" and the planned expansion of the Expo line.

Santa Monica is a poster child of the current surge in high-end home sales in South California due to international home buyers being attracted to the area's weather, glamour and diversity.

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