It Turned to a Seller’s Market: Venice May 2018

I have been reporting that prices have stabilized, that the resale home market in Venice, Florida is neutral. Well, the month of May bucked that trend. May 2018 was a Seller’s market! Compared to May 2017 everything was up:

1. Number of New Listings: up 8.6% from one year earlier.
2. Number of Sold Listings: up 3% year over year.
3. Number of Under Contract Listings: up 13.6% compared to previous year.
4. Average Sold Price per Square Footage: up 8.2% compared to last year.
5. Months of Inventory based on closed Sales: 2.9 months.

It’s all about the low inventory. The fact is, with a 2.9 month supply of homes for sale based on closed sales, there are not many houses available for sale. The result is upward pressure on prices … a Seller’s Market, notwithstanding the so-called, perceived, “slow time of year” for real estate sales in Florida. Results for June and July will be telling for future trends.