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)
The trend continues unabated. The number of closed and pending sales in June outstripped the number of new listings by a country mile. There were 192 closings in June, and 196 homes went under contract. That’s out of a total inventory of only 414 homes for sale for the month of June. The result is … Continue reading Venice: Home Sales Report for June 2015 – It’s a Seller’s Market
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 … Continue reading 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 … Continue reading Venice: Home Sales Report As of April 30, 2015 – Seller’s Market: Low Inventory, Prices Up.
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, … Continue reading Venice: Home Sales Report As of Feb 28, 2015 – Low Inventory. 10% Year Over Year Appreciation.