90402 Market Update:
More Inventory, More Selective Buyers—and Strong Results for the Right Properties
The North of Montana market is sending two seemingly conflicting signals: buyers have more choices and are taking longer to make decisions, but well-positioned properties can still generate strong competition.
Current TheMLS-sourced data show approximately 31 properties for sale in 90402, including single-family homes, but excluding condominiums and Santa Monica Canyon properties. Over the most recent three-month period, homes averaged approximately 76 days to secure a buyer and sold for roughly 96% of their original asking prices.
Those broad figures, however, do not tell the entire story.
There are 5 homes under contract and 23 homes have closed escrow in the past 90 days.
PRICING STRATEGY IS DRIVING RESULTS
The clearest recent example is 443 16th Street, a 3,054-square-foot Spanish home that was listed at $4,999,999 and closed on September 23 for $5.61 million—12% above asking.
That result does not mean every North of Montana home is suddenly attracting multiple offers. It demonstrates that buyers will respond aggressively when the opening price creates a compelling sense of value.
At the other end of the market, 233 Marguerita Avenue closed for $12.25 million, just 2% below its $12.495 million asking price after only 22 days. That sale provides meaningful support for the upper end of 90402, particularly for larger, architecturally significant properties in strong locations.
The takeaway is straightforward: buyers are active, but they are highly selective. Correct pricing can create urgency; aspirational pricing gives buyers permission to wait.
*NEW LISTINGS ARE INCREASING COMPETITION
Several substantial properties entered the market during the final week of September:
• *215 23rd Street - $5.695 million; 5 bedrooms, 4 baths and approximately 5,034 square feet.
• *421 19th Street - $7.595 million; newly constructed with 5 bedrooms, 5 baths and approximately 3,280 square feet.
• 370 25th Street - $7.995 million; 4 bedrooms, 6 baths and approximately 4,772 square feet, with exceptional privacy and resort-style outdoor living.
• 371 20th Street - $9.25 million; 5 bedrooms, 6 baths and approximately 5,018 square feet, with designer interiors.
• 248 19th Street - $12.785 million; 7 bedrooms, 6 baths and approximately 5,547 square feet.
• 624 Alta Avenue - coming soon at $3.895 million; a 1925 John Byers Spanish Colonial with 5 bedrooms and 3 baths.
This *new inventory gives buyers credible alternatives at nearly every major North of Montana price point. Sellers should expect buyers to compare not only price per square foot, but also bedroom configuration, architectural quality, lot utility, condition and the amount of work required after closing.
*These properties are not new listings. They are homes that have been pulled from the market, repriced and resubmitted to the MLS as new listings.
PRESENTATION STILL MATTERS
The newest listings are emphasizing architectural provenance, named designers, natural materials, indoor-outdoor living and emotionally engaging photography.
Those elements help a property stand apart, particularly in a neighborhood where buyers are often choosing between architectural character and newer construction. Presentation, however, cannot fully compensate for a visible pricing disadvantage. The strongest strategy combines emotional appeal with a price that buyers can defend against the competing inventory.
INTEREST RATES ARE ADDING PRESSURE
Most upper-end 90402 purchases involve substantial cash or equity, but higher rates still affect buyer psychology, bridge financing and the proceeds available from a buyer’s existing home. As borrowing costs rise, even affluent buyers tend to scrutinize value more closely.
Freddie Mac reported that the average 30-year fixed mortgage rate reached 7.03% on September 24, up from 6.95% the previous week and 6.30% one year earlier.
WHAT THIS MEANS FOR 90402 SELLERS
North of Montana is a discriminating market.
Properties that are distinctive, beautifully presented and strategically will achieve excellent results. Homes without an obvious advantage face more competition and generally require additional time or a price adjustment.
For sellers considering the market this fall, the most important decisions are being made before the property launches: selecting the correct competitive set, preparing the home thoughtfully and choosing an asking price that creates interest rather than resistance.
In Other 90402 Real Estate News
Here are a few noteworthy listings and sales:
1115 Georgina Avenue - Built new in 2021, has 14,000 sq ft, including an indoor full court basketball subterranean level. It was listed over a year and a half ago for $22,500,000 and closed a few months ago for $16,750,000. A nearly 26% discount!
370 25th Street - Owned by a sports star and listed for sale by Pence Hathorn Silver, this home is a beautiful Zen-like retreat. It is nearly 4,800 sq ft and features the utmost privacy and a stellar location.
248 19th Street - Custom built by the owner for himself. Its 5,500 sq ft includes a 2 bedroom, 2 bath detached ADU and is beautifully appointed with all the very best materials and appliances.
728 25th Street - listed by Pence Hathorn Silver is under contract after a short marketing period. 3 levels, shows like a new home with gleaming wood floors and paint and 5 bedrooms on the upper level.
