In October there were 410 homes for sale in Venice/Venice Island.  That’s 20% less homes for sale than the same time last year.  Nevertheless, there were fundamentally the same number of closings, 152 in October 2015, compared to 153 in October 2014.  What’s more remarkable is that 6.7% more homes went under contract, 174 this past month vs. 134 in October 2014.  Think about that.  Notwithstanding less homes for sale … 20% less, more homes were gobbled up by buyers, 6.7% more.  That’s a Seller’s Market.

The result is that prices continue to rise.  In October the average sold price per square foot was $155.  That’s 6.3% higher than last month, 18.5% higher than 1 year ago in October, and 14.2% higher than the same quarter 1 year ago.  Likewise, in October the average sold price was $252,000, 7.7% higher than last month, 24.8% higher than the same month last year, and 19.5% higher than the same quarter 1 year ago.