Venice: Feb 2018 Modest Appreciation | Neutral Market

For the first 2 weeks in March the weather in Sarasota County has been wonderfully temperate. February saw record highs for the month. Likewise, in February homes sold at higher prices, although the increase was modest. The housing market’s fundamentals are strong, homes are fairly priced, and the housing market is balanced between sellers and buyers. It is neither a Seller’s Market or Buyer’s Market. It is a Neutral Market.

February 2018 is a Neutral market! The number of for sale listings was up 1.8% from one year earlier and up 7.3% from the previous month. The number of sold listings increased 13.4% year over year and increased 31% month over month. The number of under contract listings was up 18.6% compared to previous month and up 10% compared to previous year. The Months of Inventory based on Closed Sales is 5.4, down 11.5% from the previous year.

The Average Sold Price per Square Footage was down 7% compared to previous month and down 10.6% compared to last year. The Median Sold Price increased by 0.9% from last month. The Average Sold Price also decreased by 5.7% from last month. Based on the 6-month trend, the Average Sold Price trend is “Neutral” and the Median Sold Price trend is “Neutral”.

The Average Days on Market showed a neutral trend, a decrease of 18.3% compared to previous year. The ratio of Sold Price vs. Original List Price is 93%, an increase of 1.1% compared to previous year.