The real estate resale market is strong and vibrant. Prices have appreciated over the past few years. Significantly. It remains a great time to sell. However, the rate of appreciation – i.e., the double digit rates of appreciation which we have enjoyed over the past few years has ended. In 2016 prices increased 5 ½ … Continue reading 2016 Year in Review: Venice
It is common to compare sales activity in a given month to the same month one year ago. Although important, a more reliable indicator of trending activity is to use a three month rolling average. Accordingly, below I will recite sales activity in Venice for this past month, November 2016, and compare it to November … Continue reading Venice: Home Sales as of Nov 30, 2016
The Seller’s Market Continues … But Pricing is Key. Inventory levels remain low. In August there was only a 3.2 month supply of homes for sale, based on closed sales. What this means: Statistically, if there are no new listings over the next few months, then in 3.2 months there would be no homes for … Continue reading Venice – As of August 31, 2016 – The Seller’s Market Continues … But Pricing is Key
Inventory remains low. For the past 3 months there was a 3.1 month supply of homes for sale based on closed sales. Last year at this time there was a 2 month supply. Although a 3 month supply is low, and constitutes a Seller’s Market (6 months is considered a balanced market), the supply of … Continue reading Venice – As of July 30, 2016 – A Slowdown in Home Prices & Sales
Although prices continue to rise in Sarasota County, there are more homes for sale, and less homes are going under contract, resulting in fewer closings. This will ultimately slow down the rate of appreciation, although at a current 3.5 month supply of homes based on closed sales, prices will continue to increase, albeit at a … Continue reading Sarasota County: Prices & Sales Showing Signs of Moderation – June 2016
So, where is the market heading? How is it trending? In a nutshell, there are more houses coming on the market. However, there are less homes selling. Result: the inventory of homes available for sale, based on closed sales, is increasing. Although prices continue to increase, in the short term, the pace of appreciation is … Continue reading Sarasota County : Home Sales & Prices: How Are They Trending?
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%