Venice: Home Sales Rise, Prices Neutral.

In Venice, home sales took a huge leap forward in October. The reason? It was all about Hurricane Irma. Upon Irma’s arrival on September 10th, although its effect on our area was not severe, it did have a temporary chilling effect on sales. Emphasis “temporary”, as it did not last long. Within a few weeks, in October, home sales came back with a vengeance. Venice had a 21.1% increase in closed sales in October versus September; 74.1% more homes went under contract; and new listings shot up 95.1% (you read that right).

As we enter the “in-season winter selling season” in Florida, I project we will see moderate growth in home sales and prices. In fact, prices and inventory levels have settled into a stable pattern. Year over year average price per square foot for sold homes in October increased 3.1% to $167/sq. ft.; while inventory levels were stable and relatively light with a 3.8-month supply of homes for sale based on closed sales. Modest appreciation, in accordance with historical norms, coupled with continued low inventory bodes well for a balanced market, i.e., a neutral market with modest price appreciation.

This Link will take you to the stats for the number of New Listings, Homes for Sale, Homes Sold and Under Contract.

This Link will take you to the Average Price Per Square Foot for Sold Homes:

This Link will take you to Months of Inventory Based on Closed Sales: