Venice: October 2014 Home Sales Report – Inventory Remains Low. Pending & Closed Sales Are Increasing. Sold Price Increases Have Slowed.
As I reported last month, new listings continue to decrease while pending and closed sales increase. The result is an ever present shortage of homes for sale. Notwithstanding continued low inventory, price appreciation has moderated significantly. We experienced double digit appreciation in 2012 and 2013. However, as the above graph and chart indicates, for the last 12 months, November 1, 2013 through October 31, 2014, the average sold price per square foot increased 5.1% to $132 per square foot. BTW: The median sold price increased at an even slower 3.6% prior 12 month pace, from $167,000 to $173,000. This is a good thing … it is a sign that the housing market has stabilized, and that prices are currently increasing at historically supported levels of appreciation.
Below is a comparison of home sales activity covering the following periods:
- October 2014 vs. September 2014; and
- October 2014 vs. October 2013.
October 2014 Homes for Sale, Listed, Pending, Closed.
Home for Sale in October 2014: 511 units.
• Up 1.2% compared to the last month
• Down 17.8% compared to the last year
Home Listed in October 2014: 162 units.
• Down 10.5% compared to the last month
• Down 23.9% compared to the last year
Home Placed under Contract (Pending) in October 2014: 180 units.
• Up 13.9% compared to the last month
• Up 26.8% compared to the last year
Home Closed in October 2014: 168 units.
• Up 7.7% compared to the last month
• Up 21.7% compared to the last year
October 2014 Average Sold Price per Square Footage.
Average Sold Price per Square Footage in October 2014: $131
• 0% compared to the last month
• Up 7.4% compared to the last year
October 2014 Average Days on Market.
Average Days on Market in October 2014: 80
• Up 2.6% compared to the last month
• Down 4.8% compared to the last year
October 2014 Sold/List Price Ratio.
Sold/List Price % in October 2014: 96%
• 0% compared to the last month
• Up 1.1% compared to the last year
October 2014 Median Sold Price.
Average Median Sold Price in October 2014: $165
• Down 4.6% compared to the last month
• Up 0.6% compared to the last year
October 2014 Average For Sale Price.
Average For Sale Price (in thousand) in October 2014: $319
• Up 1.6% compared to the last month
• Up 21.8% compared to the last year
October 2014 Average Sold Price.
Average Sold Price (in thousand) in October 2014: $202
• Down 0.5% compared to the last month
• Up 5.2% compared to the last year
October 2014 Inventory.
Months of Inventory based on Closed Sales in October 2014: 3
• Down 6.2% compared to the last month
• Down 33.3% compared to the last year
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