Submarket Snapshot: Homes in Santa Monica in Q1 2016

Per-square-foot home prices in Santa Monica dropped 9 percent in the first quarter of 2016, compared with the same period last year, according to a report by Halton Pardee + Partners. It clocked in at $880.

Meanwhile, the average home price in the Ocean Park/Sunset Park area  increased just over 10 percent to $2,3.

The inventory level of single-family homes for sale rose slightly to 16 homes. Homes accounted for 54 percent of residential sales, while 36 percent were condos an 10 percent were income properties.