Sold prices have stabilized.  In fact, there is some evidence that prices may be showing signs of modest depreciation.  Consider the following:

1. Inventory remains low — 2.9 month supply based on closed sales.
2. Buyers quickly emerge — average days on the market, 77 days.

Nevertheless, notwithstanding the laws of supply and demand:

1. Average sold price down — 2.4% to $207,000.
2. Average median sold price unchanged — $168,000.

All real estate is local.  So what is occurring in one community in Venice can vary from another.  In a number of the communities in which I concentrate in, prices continue to appreciate at a strong pace.  However, taking all of Venice as a whole, that is no longer the case — at least insofar as the past month or two indicates.  Whether this is a temporary market lull or a bell weather of a moderating market following a 2 year surge, will become self-evident as we approach the traditional “selling season”.

1. Homes for Sale, Sold, Pended, New Listings & Inventory:          Seller’s Market

• Homes for Sale: 504 homes; down 5.6% from last month, down 4% from last year.
• Homes Listed:  150 homes; down 7.4% from last month, down 18.5% from last year.
• Homes Closed:  174 homes; same as last month (0% change), down 7% from last year.
• Homes Placed Under Contract: 174 homes; up 6.1% from last month, up 25.2% from last year.
• Inventory (based on Closed Sales): 2.9 months; down 6.5% from last month, up 3.6% from last year.

2. Average Days on Market:                  Neutral

• Days on Market:  77 days; down 11.5% from last month, up 16.7% from last year.

3. Sold/List Price Ratio:          Steady

• Sold/Original List Price %:         93%; same as last month (0% change), same as last year (0% change).
• Sold/Final List Price %:               96%; same as last month (0% change), up 1.1% from last year.

4. Avg. Active List Price: Appreciating | Avg. Sold Price: Depreciating|Avg. Median Sold Price: Depreciating 

• Average Active List Price:  $307,000; up 0.7% from last month, up 14.6% from last year.
• Average Sold Price:  $207,000; down 2.4% from last month, down 1.4% from last year.
• Average Median Sold Price: $168,000; same as last month (0% change), up 0.6% from last year.