The laws of supply and demand rule. The shelf is empty. So prices continue to increase. May 2015 vs May 2014: 21% less homes for sale, 8% less new listings, yet 3% more homes went under contract. The result: The average sold price per square foot was $153 in May 2015, 19% more than May (…) Read more
Venice: Home Sales Report As of May 31, 2015 – Is a Slowdown Coming? – Prices Continue to Increase & Inventory Remains Low.
The number of homes going under contract and sold continues to outpace the number of new listings. The result is continued low inventory, continued price appreciation, and quick sales. For the month of April 2015 there were 529 homes for sale; of which only 216 were new listings; 252 homes went under contract; and 235 (…) Read more
This month I have made a quarterly comparison relative to how real estate is trending in the general Venice area. The results below are for the most recent quarter, December 1, 2014 through February 28, 2015. I have indicated the extent to which they increased or decreased as compared to the same quarter last year, (…) Read more
Venice: Home Sales Report As of Nov 30, 2014 – Diminished Supply. Quicker Sales. Prices Have Stabilized.
The trends that I have been reporting continue unabated. Although there were less new listings in November 2014 versus November 2013, more homes closed or went under contract. The result is that inventory levels continue to decline. There were 20% less homes for sale in November 2014 than the same time last year. Accordingly, homes (…) Read more
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 (…) Read more
A recent review of home sales turns on its head the perception that the best time to sell is during the winter, so-called “in season”. Although the number of homes for sale and new listings was down, the number of homes sold and homes under contract were way up. In September 2014 homes for sale (…) Read more
Sold prices have stabilized. In fact, there is some evidence that prices may be showing signs of modest depreciation. Consider the following: Inventory remains low — 2.9 month supply based on closed sales. Buyers quickly emerge — average days on the market, 77 days. Nevertheless, notwithstanding the laws of supply and demand: Average sold price (…) Read more
Home Sales in July, for the Venice area continued the trend of the last few months. The number of homes for sale, listed, closed and placed under contract remained fairly steady, maintaining a “neutral” position. Likewise, the average sold price stayed about the same as last month. However, the active list price increased 4.5% from (…) Read more
Coming off the recession era bust, in 2012 and 2013 we had roughly a 20% combined rate of appreciation. In May I reported that although prices continued to appreciate, the rate of appreciation was slowing. I further postulated that for 2014 I anticipated an appreciation rate of 5-7%. If June is indicative of the remainder (…) Read more
In April homes continued to appreciate. Whether judged on a median, average or per square foot basis, the rate of appreciation was double digits compared to both last month and last year. However, there is one significant sign that the pace of appreciation is beginning to slow down — homes placed under contract last month (…) Read more