Venice: Home Sales as of April 30, 2014 – Continued Appreciation in April with Signs of Resistance

In April homes continued to appreciate.  Whether judged on a median, average or per square foot basis, the rate of appreciation was double digits compared to both last month and last year.  However, there is one significant sign that the pace of appreciation is beginning to slow down --- homes placed under contract last month was done 16.4% from last month, and 10.7% from last year.  Less homes under contract implies that buyers are beginning to resist the current pace of appreciation.

1. Homes for Sale, Sold, Pended & New Listings:              Neutral.

• Homes for Sale: 701 homes; down 3.3% from last month, up 17.2% from last year.
• Homes Listed:  222 homes; down 6.3% from last month, up 13.3% from last year.
• Homes Closed:  228 homes; up 10.7% from last month, up 1.3% from last year.
• Homes Placed Under Contract: 209 homes; down 16.4% from last month, down 10.7% from last year.

2. Average Sold Price per Square Foot:               Appreciation (based on 6 month trend).

• Average Sold Price:     $141 per square foot; up 9.5% from last month, up 16% from last year.

3. Average Days on Market:  Steady (based on 6 month trend).

• Days on Market:  71 days; down 17.4% from last month, down 6.6% from last year.

4. Sold/List Price Ratio:          Steady (based on 6 month trend)

• Sold/Original List Price %:         92%; down 1.1% from last month, down 1.1% from last year.
• Sold/Final List Price %:               95%; down 1% from last month, 0% from last year.

5. (based on 6 month trend) Average Active List Price: Appreciating.     Average Sold Price: Neutral.     Median Sold Price: Neutral.       

• Average Active List Price:  $285,000; up 0.7% from last month, up 10% from last year.
• Average Sold Price:  $222,000; up 13.8% from last month, up 18.1% from last year.
• Median Sold Price:  $192,000; up 17.1% from last month, up 14.3% from last year.

6. Inventory Based on Closed Sales:      Inventory Based on Pended Sales: 

• Inventory based on Closed Sales:  3.1 months; down 12.6% from last month, up 15.7% from last year.
• Inventory based on Pended Sales:  3.4 months; up 15.7% from last month, up 31.2% from last year.

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