My Market Analysis for June 2018 covers data for the second quarter of this year, April to June 2018. It covers all of Venice, i.e., the Island, the incorporated and the unincorporated portions of Venice (South, North & Central Venice).
It remains a Seller’s Market, with Months of Inventory Based on Closed Sales at only 2.9 months. There were 859 homes for sale in June 2018, up 4.6% from the same quarter last year. There were 981 closed sales, a 12.6% increase, quarter over quarter. There were 859 homes (not a typo, same # as homes for sale) went under contract, an 11% increase. The result, as stated: supply of homes for sale, 2.9 months. That is low, by any definition.
Low inventory invariably results in price appreciation. June 2018 was no exception. However, considering that inventory levels were low at 2.9 months, the rate of appreciation was reasonably modest. The Average Sold Price per square foot was $174/sq. ft., up 5% from the same quarter last year; the Median Sold Price was $255,000, 2% higher than last year’s same quarter; and the Average Sold Price was $292,000, 5% more than last year’s quarter.
Which brings us to the all-important issue of proper pricing. The average active list price for the past 3 months was $367,000, 1.3% less than the same quarter last year. Closed sales: 93% of the original list price, 96% of the final list price. The take away: Sellers who realistically manage their expectations, sell. All in all, a good market for both Buyers and Sellers.