The Venetian has reeled in some striking numbers for the first 9 months of this year. The available supply of homes is down, the pace of sales has increased and, prices have stabilized. It cuts across all price points, large and smaller homes. This provides a solid foundation for the prime winter season, providing a very favorable time to sell or buy your home, particularly since interest rates are at historic lows. One very important caveat: Today’s buyer is well informed, pricing is key. (Click graph images for enlargements) I. All Homes – All Sizes
a. Number of Homes for Sale & Sold:
- As of September 30, 2011, there were 38 homes for sale at the Venetian Golf & River Club; an increase of 18.8% from the prior month.
- There were 21.4% less homes available for sale for the current quarter (July – Sept 2011) versus the same quarter last year; on average there were 33 homes for sale for this most recent quarter, and 42 last year. Nevertheless, the current trajectory is trending upward, whereas, it typically trends downward, as it did last year, during the summer.
- The pace of sales has accelerated. On average 5 homes sold per month for the most recent quarter, July thru September, 2011; this represents a 150% increase over the 2 homes sold, on average, for the same quarter last year.
b. Average Price Per Square Foot:
- The current quarter has seen minimal price fluctuation. At an average $119.66 per sq. ft., prices appear to have stabilized.
- Year to date, $129 is the average monthly price per square foot for all properties.
c. Months of Inventory:
- Year to date the average monthly supply of homes, based on closed sales was 7 months. A 6 month inventory is generally considered a balanced market between sellers and buyers.
- For the current quarter there was a 6.6 month supply versus a 21 month supply from Jan to Sept 2010; a 68.6% improvement.
- Sept 2011 the supply of homes crept up to 9.5 months, as generally anticipated during the slower summer months. Nevertheless, it represents a marked improvement over the 13.7 month inventory in Sept 2010; a 30.5% improvement.
II. Homes Over 2,500 Square Feet
a. Number of Homes for Sale & Sold:
- As of September 30, 2011, there were 9 homes for sale over 2,500 sq. ft.; 23.68% of all homes available for sale.
- Although there have been no sales for the current quarter, year to date the pace of sales relative to the supply is greater than the same period last year. From January to September 2011, 9 homes sold out of an average monthly supply of 7 homes; whereas, only 8 homes sold from January to September 2010, while there was an average monthly supply of 11 homes.
b. Average Price Per Square Foot:
- Year to date, the average monthly price per square foot was $154. Discounting the one abnormal sale in March 2011 at $80 per square foot (190 Medici Terrace --- bank owned, no pool, basic finish, requires renovation), $169 per square foot is a more reliable number.
- For the same period last year, the average square foot price was $149; accordingly, utilizing $169/sq. ft. as the current basis, sold prices have increased 12% from the first 9 months of last year to this year.
c. Months of Inventory:
- Year to date the average monthly supply of inventory was 6.22 months.
- There have been no sales since June, and accordingly, as of September 30, 2011 it is projected that it would take 9 months to sell the current supply of homes.
