Signs of a Neutral Market
If the month of February is any indication of where home sales are heading, the housing market in Venice (including the Island) may have reached a true place of balance, with prices stabilizing and yielding modest appreciation.-
Homes for Sale, Sold, Pended & New Listings in February 2014
- Homes for Sale: 767 homes; up 0.3% from last month, up 7.9% from last year.
- Homes Listed: 235 homes; down 22.2% from last month, down 2.5% from last year. When new listings drop 22% in one month, particularly in prime season, that becomes an important number to watch.
- Homes Closed: 141 homes; down 0.7% from last month, down 2.1% from last year.
- Homes Placed Under Contract: 227 homes; up 6.1% from last month, up 2.3% from last year.
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Average Sold Price per Square Foot in February 2014
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Average Sold Price: $130 per square foot; up 0.4% from last month, up 4.8% from last year.
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Average Days on Market & Sold to List Price % in February 2014
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Days on Market: 75 days; down 2.6% from last month, down 22.7% from last year.
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Sold to List Difference: 95%; up 2% from last month, up 1.1% from last year.
NOTE - This tends to be a constant, i.e., the sold price to final list price are regularly within 95% of each other. What this means to a seller, is that as a general rule, a home will not sell until the list price is no greater than 5% from a home’s fair market value (sold price).
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Average Active List Price, Average Sold Price & Median Sold Price in February 2014
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Average Active List Price: $274,000; up 0.7% from last month, up 2.2% from last year.
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Average Sold Price: $207,000; up 4% from last month, up 8.4% from last year.
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Median Sold Price: $164,000; up4.5% from last month, up 2.5% from last year.
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Months of Inventory Based on Closed Sales in February 2014
