Venice Home Sales: March 2018, Neutral Market

In Venice, March 2018 was a Neutral market! The number of for sale listings was up 12% from one year earlier and up 0.6% from the previous month. The number of sold listings decreased 11.3% year over year and increased 38.8% month over month. The number of under contract listings was up 26.1% compared to previous month and up 21.7% compared to previous year. The Months of Inventory based on Closed Sales is 3.9, up 25.6% from the previous year.

The Average Sold Price per Square Footage was up 12.5% compared to previous month and up 7.1% compared to last year. The Median Sold Price increased by 11.6% from last month. The Average Sold Price also increased by 14.9% 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, on average it took 80 days for a home to go under contract, an increase of 3.9% compared to previous year. The ratio of Sold Price vs. Final List Price is 96%. In other words, homes generally sell when the list price is no greater than 4% higher than the likely sold price. Selling a home is first and foremost about proper pricing.