What does this mean for you?         More houses are coming onto the market, pending and closed sales have increased, prices have stabilized, and inventory is coming down.  Further, more sales are occurring for higher priced properties.  As we enter the New Year, this all indicates an active selling season at most price points; provided, however, sellers listen to the market and continue to price competitively. 

Number of Homes for Sale:

• As of November 30, 2011, there were 227 homes for sale on Venice Island, a 6% increase over the 214 homes for sale in October.
• Sales increased as well: There were 12 sales in November, up from the 9 sales in October, a 25% increase.
• Closings generally occur with 2 months of contract.  Accordingly, pending sales (under contract, not closed) are usually a good indicator of closed sales for the next 2 months.  There were 25 pending sales in November, a 44% increase over the prior month and 28% more than the same time last year.  This foretells the likelihood of strong sales as we enter our prime season.
• The months of inventory based on closed sales is trending down.  There is currently an 18.9 month supply, down from 23.8 months in October.

Average Price for Sale and Sold:

• After staying relatively stable for the past 5 months, in November average list and sold prices rose.
• Last month the average list price was $374,000, it was $355,000 in October.
• The average sold price was $314,000 in November, the highest in over a year; it was $249,000 in October.  However, this is not due to price increases, rather, in October the 2 highest priced homes sold for $325,000 and $575,000; whereas, in November 5 of the 12 sales were between $400,150 and $600,000.  Side note: my partner and I were the agents in 2 of the 5 highest priced sales in November.