Venice: Home Sales in July 2014 – Sold Prices Remain Steady. Pockets of List Price Increases.
Home Sales in July, for the Venice area continued the trend of the last few months. The number of homes for sale, listed, closed and placed under contract remained fairly steady, maintaining a “neutral” position. Likewise, the average sold price stayed about the same as last month. However, the active list price increased 4.5% from last month. This indicates that some sellers are testing the market, trying to see how high they can push the price. But, when average list prices increase, while sold prices do not, it is an indicator that the higher priced listings are not selling. Rather, they are aiding the sale of the homes priced closer to fair market values. The statistics clearly support that buyers continue to turn to and buy homes when the list price is no greater than 4% of fair market value. See below, Sold/Final List Price % — remains at a constant 96%.
- Homes for Sale, Sold, Pended & New Listings: Neutral
- Homes for Sale: 534 homes; down 6.6% from last month, up 5.1% from last year.
- Homes Listed: 155 homes; down 7.7% from last month, down 8.8% from last year.
- Homes Closed: 166 homes; down 13.1% from last month, 0% from last year.
- Homes Placed Under Contract: 176 homes; down 10.2% from last month, up 7.3% from last year.
- Average Days on Market: Rising
- Days on Market: 89 days; down 27.1% from last month, up 1.1% from last year.
- Sold/List Price Ratio: Steady
- Sold/Original List Price %: 93%; up 1.1% from last month, up 1.1% from last year.
- Sold/Final List Price %: 96%; down 0% from last month, 0% from last year.
- Average Active List Price: $305,000; up 4.5% from last month, up 12.5% from last year.
- Average Active List Price: Appreciating Average Sold Price: Neutral
- Average Sold Price: $214,000; down 0.9%% from last month, up 9.2% from last year.
- Inventory Based on Closed & Pended Sales: Seller’s Market
- Inventory based on Closed & Pended Sales: 3.2 months.