In April 2016 the average sold price per square foot increased 6.5% from the same month last year; from $153/sq. ft. to $163/sq. ft. Significantly, the median sold price jumped 25%; from $180,000 in April 2015 to $225,000 this past month; a sign that the inventory of affordable housing, i.e., under $200,000, is shrinking. The … Continue reading Venice: Values Continue Their Assent, Sales Remain Strong
Although more homes closed and were placed under Contract in March vs. February, which is typical, compared to the same months last year they were down, respectively 12.1% and 15.7%. Nevertheless, homes which sold continued to appreciate. In March the median sold price was $213,000, compared to $188,000 for the same month last year, a … Continue reading Venice: Ask Less, Get More.
In February, prices stabilized. In fact, the average sold price, on a square foot basis, actually went down. In February the average sold price was $150/sq. ft. Last month, January 2016, it was $156/sq. ft. — a 3.6% drop. For the past 14 months, since January 2015, $152/sq. ft. was the average sold price. More … Continue reading Venice: February 2016 Prices Stabilizing.
Entering the traditional “selling season”, in January new listings increased 61.8% over the prior month; 280 new listings in January 2016 vs. 173 in December 2015. Notwithstanding the spike in new listings, we’re still down 7.9% from the same month last year, leaving only a 4.5 month supply of inventory as we head into prime … Continue reading Venice: The Big Story – Prices Continue to Climb … 12%
Last year 2,118 homes sold in Venice; a .8% increase over last year, which likewise, was a good year. Unrelenting demand, coupled with a consistent shortage of homes for sale, resulted in a median sold price at $209,000, 21.5% higher than 2014. With so many buyers competing for a home, and limited choices, the time … Continue reading 2015 Year in Review: Venice
Following an active October 2015, where 6.7% more homes were sold than in October 2014, the housing market caught its breath in November, resulting in less pended (under contract) and closed sales. In November 2015 there were 139 pended sales vs. 163 in October 2015; there were 127 closed sales in November 2015 vs. 155 … Continue reading Venice: Pace of Home Sales Slow Down, While Prices Continue To Climb (As of November 30, 2015)
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 … Continue reading Venice: Prices Continue to Rise in the Face of Less Homes for Sale
The real estate recovery has been marked by 3 ½ years of annual double digit price appreciation. And there are no signs of it abating. The primary driver has been and continues to be low inventory. Six (6) months of inventory, based on closed sales, is considered a balanced market. You have to go back … Continue reading Venice: Consistently Low Inventory = Higher Prices.
More homes are selling now than at any time within the past 10 years. And the supply is not being replenished fast enough. There are simply not enough new listings to serve the need. So much so that the last time we had less homes for sale was 10 years ago! See the charts below. … Continue reading Venice: More Homes Sales Than At Anytime Within Past 10 Years. (As of August 31, 2015)
The supply of homes available for sale continues to shrink, resulting in higher prices. At the end of July there was only a 1.9 month supply of homes. A 6 month supply is considered a balanced market between sellers and buyers. With a 1.9 month supply, if you are thinking about selling your home today, … Continue reading Venice: Less Homes for Sale = Higher Prices But still 35% below 2007 peak (As of July 31, 2015)