The trends that I have been reporting continue unabated.  Although there were less new listings in November 2014 versus November 2013, more homes closed or went under contract.  The result is that inventory levels continue to decline.  There were 20% less homes for sale in November 2014 than the same time last year.  Accordingly, homes are selling quicker.  Of the 159 homes placed under contract in November, 54 days was the average days on the market.  That is 31.6% less than last month, and 25% less than November 2013.  However, what is particularly noteworthy is that notwithstanding a decreasing supply, prices have stabilized.  In fact, in November prices went down.  The median sold price depreciated 3% from last month.  Although one month is not a reliable indicator of a trend, in the face of low inventory, it merits careful review and assessment.  Please note, all real estate is local.  Therefore, although the statistics I am reporting covers all of Venice and the Island, there are communities which can be bucking the past month’s depreciating averages.  In fact, in a number of communities in which I actively list homes for sale, I have been able to exact ever increasing prices.  To determine true value for a particular home, and market direction, requires a personal comparative analysis by an experienced agent who has his pulse on the market.

Below is a comparison of home sales activity covering the following periods:

1. November 2014 versus October 2014; and
2. November 2014 versus November 2013.

November 2014 Homes For Sale, Listed, Closed, Pending.

Home for Sale in November 2014: 534 units.
• Up 4.5% compared to the last month
• Down 20.3% compared to the last year

Home Listed in November 2014: 205 units.
• Up 10.8% compared to the last month
• Down 3.8% compared to the last year

Home Closed in November 2014: 126 units.
• Down 26.7% compared to the last month
• Up 4.1% compared to the last year

Home Placed under Contract in November 2014: 159 units.
• Down 3.6% compared to the last month
• Up 4.6% compared to the last year

November 2014 Average Days on Market.
Average Days on Market in November 2014: 54
• Down 31.6% compared to the last month
• Down 25% compared to the last year

November 2014 Median Sold Price.
Average Median Sold Price in November 2014: $160
• Down 3% compared to the last month
• Down 15.8% compared to the last year