Entering the traditional “selling season”, in January new listings increased 61.8% over the prior month; 280 new listings in January 2016 vs. 173 in December 2015.  Notwithstanding the spike in new listings, we’re still down 7.9% from the same month last year, leaving only a 4.5 month supply of inventory as we head into prime selling season.  Less homes for sale resulted in 10.4% less homes under contract in January 2016 vs. January 2015, 182 vs. 202.  Homes under contract (pending) is a predictor of activity over the next few months; less homes pending, less homes will sell.

The Big Story: Prices Continue to Climb.  The median sold price for all homes in Venice was $223,000 this past month.  That’s 12.1% higher than 1 year ago, January 2015.  Reviewing the most recent quarter (Nov 2015 – Jan 2016) against the same quarter 1 year ago, the median price shot up 22%!  Similarly, the average sold price was $247,000 last month — 11.8% higher than a year ago, and 20.6% higher than the same quarter last year.

Limited inventory + a strong economy fueled by our feeder markets up north = a Seller’s Market.

Venice Personified:  A View of the Jetty

Sunset:  Casperson Beach 

Images: by Robert S Goldman