Venice: Home Sales as of March 31, 2014 – A Neutral Market Leading the Way to 5% – 7% Price Appreciation

In March homes went under contract at a faster pace than new listings. The market has supported an increase in list and median sold prices of about 5% from last year. Pending sales, which is an indicator of available inventory 2 months out, reflects only a 2.8 month supply. If the supply of homes for sale remains constrained, in the face of a jobless recovery, the market should continue to support appreciation at an annual rate of 5% to 7%. 1. Homes for Sale, Sold, Pended & New Listings: Neutral.

• Homes for Sale: 725 homes; down 5.5% from last month, up 8.5% from last year.
• Homes Listed: 234 homes; down 2.9% from last month, up 3.5% from last year.
• Homes Closed: 206 homes; up 40.1% from last month, up 2% from last year.
• Homes Placed Under Contract: 262 homes; up 24.2% from last month, up 7.4% from last year.

2. Average Sold Price per Square Foot: Appreciating.

• Average Sold Price: $134 per square foot; up 3.5% from last month, up 1.9% from last year.

3. Average Days on Market: Rising.

• Days on Market: 86 days; up 16.2% from last month, up 10.3% from last year.

4. Average Active List Price: Appreciating. Average Sold Price: Neutral. Median Sold Price: Appreciating.

• Average Active List Price: $283,000; up 3.3% from last month, up 5.2% from last year.
• Average Sold Price: $204,000; up 1.4% from last month, up 1.4% from last year.
• Median Sold Price: $172,000; up 4.9% from last month, up 5.5% from last year.

5. Months of Inventory Based on Closed Sales: Neutral. Months of Inventory Based on Pended Sales: Seller’s Market.

• Inventory based on Closed Sales: 3.5 months; down 32.5% from last month, up 6.4% from last year.
• Inventory based on Pended Sales: 2.8 months; down 23.9% from last month, up 1.1% from last year.

NOTE: 3-6 months is considered a neutral market, fair balance between buyers and sellers.