Home Sales Neutral: Venice Nov 2017

Greetings! My most sincere best wishes for you and your family during this joyous Holiday Season and for a New Year of good health, happiness and good fortune.

Stability, modest and sustainable price appreciation, and low inventory have been the hallmark of real estate sales here in sunny Venice, Florida this past year. Consistent with this pattern, November 2017 was a neutral market. The number of For Sale listings was up 1.4% from one year earlier. The number of Sold Listings decreased 4.5% year over year. The number of Homes Under Contract but not yet closed was up 5.4% compared to the previous year. While Months of Inventory edged up 7% to 4.6 months over the previous year.

The Average Sold Price per Square Foot was $165, down 2.5% compared to October, although the same as the same time last year. The Median Sold Price increased 1.2% from last month, to $260,000; and, the Average Sold Price was the same as last month.

Average Days on the Market, listing to contract, was 60 days. The Ratio of Sold Price versus Original List Price was 95%. This is evidence that the homes that sell are those that are realistically priced, priced to fair market value; whereas, those that do not go under contract within 60 days are likely over-priced.