In April 2016 the average sold price per square foot increased 6.5% from the same month last year; from $153/sq. ft. to $163/sq. ft.  Significantly, the median sold price jumped 25%; from $180,000 in April 2015 to $225,000 this past month; a sign that the inventory of affordable housing, i.e., under $200,000, is shrinking.

The average list price for all homes for sale in Venice was $352,000.  This was up 2.9% compared to last month, and up 1.1% compared to last year.  That is a neutral indicator.  Considering that homes went under contract in 60 days last month, similar to the 58 days in March 2016 and 63 days in April 2015, and at a fairly constant ratio of 94% of sold to original list price, indicates that successful sellers are properly pricing their homes at an appropriate ratio to its fair market value.  As a result thereof, buyers quickly emerge.

In light of the foregoing, and noting that there is only a 3 month inventory of homes for sale based on closed sales, all indicators point to continued price appreciation.  There was also a marked decrease in the number of new listings, 218 this past month, compared to 275 in March.  There were less homes for sale in April/608 vs. March/652. This is likely attributed to the false perception that the best time to sell is the winter season.  But, the facts lay that perception bare. The fact is more homes went under contract in April/232 vs. March/206, and, as further noted above, prices continue to appreciate, as homes quickly go under contract (on average in 60 days), leaving only a 3 month supply.

As I have stated on numerous occasions … the best time to sell is when it is right for you.  Activity is brisk, year round.