The inventory of properties available for sale in Venice (zip codes 34285, 34292 & 34293) has been declining. There is currently a 6.1 month supply of inventory, and 1,092 homes for sale. A 6 month supply is considered “neutral”, i.e., a fairly balanced market between sellers and buyers. The current inventory is lower than at any time during the last two years. Two years ago, at the end of May 2009, there was a 9.8 month supply of inventory, and 1,314 homes for sale; at year end, December 31, 2010, there was a 7.7 month supply and 1,252 homes for sale; and, last month, April 2011, it dropped to a 6.5 month supply and 1,193 homes for sale. Sales are up --- there were 178 in May 2011; 157 in May 2010, and 134 in May 2009. At what price points were the sales? Well, out of the 178 sold in May 2011, 167 of the sales were for properties less than $400,000. The breakdown follows:
- 85 sold for less than $150,000.
- 51 sold between $150,000 and $249,999.
- 31 sold between $250,000 and $400,000.
Only 11 homes sold for more than $400,000, and none sold for more than $700,000. Based on closed activity for the month of May 2011, there is a 6.8 month supply of inventory for homes greater than $250,000 and less than $400,000 (down from a 10.6 month supply at 2010, year’s end); there is a 6 month supply between $150,000 and $249,999 (it was 8 months at year’s end); and, a 5.1 month supply for homes less than $150,000 (5.7 months inventory at year’s end). Greater than $400,000 and less than $699,000, there is a 9.8 month supply, significantly down from the 28 month supply in December 2010. There are 38 homes for sale for more than $700,000, none have sold. Short sales and bank owned properties (“Distressed Properties”) have certainly had a negative impact on sales and valuations, although its impact has not been as severe as in North Port and Sarasota. The overwhelming majority of short sales, 88%, were under $250,000. There were only 4 distressed sales above $250,000. Distressed Properties accounted for the following listings and sales in May:
- 15.56% of all active listings, 170 out of 1,092.
- 20.22% of all sold listings, 36 out of 178.
- 23.52% of all sold listings under $250,000, 32 out of 136.
- 30.58% of all sold listings under $150,000, 26 out of 85.
What does this mean if you’re a seller? With the number of homes available for sale dropping, inventories reduced, sellers have less competition. Interest rates remain at historic lows, so there are more bankable buyers. For most sales points, the impact of Distressed Properties in Venice has not significantly reduced prices. If you are considering selling your home, today provides a tremendous window of opportunity. What does this mean if you’re a buyer? The old law of supply and demand comes into play. A decreasing inventory increases selling prices and provides fewer choices. If the market continues at its current pace, there will be fewer homes available tomorrow than today --- less choices, higher prices. If banks continue to release Distressed Properties in Venice at the current pace, it should not significantly reduce prices or increase inventory. Therefore, in Venice, prices should remain relatively stable. Coupled with historically low interest rates, the opportunity to find and buy your dream home today, is probably as good as it gets.
The statistical data contained herein has been extracted from Reports provided by ©Trendgraphix, June 2011, covering properties within the 34285, 34292 and 34293 zip codes. 
