In Venice, there are fewer homes for sale; a lot fewer.  Almost 25% fewer homes for sale.  Although the number of new listings is keeping pace with last year, it is not enough to satisfy the demand.  The result is that buyers are buying, and sellers are selling.  10% more homes have sold this year than last year.  Likewise, prices have [...]

1^st Quarter 2013 vs. 1^st Quarter 2012 

• HOMES for SALE:            18% Decrease.
• NEW LISTINGS:               28% Decrease.
• PENDED SALES:              11% Increase.
• SOLD HOMES:                                6.5% Increase.
• INVENTORY:                  
[...]

The Year in Review

UNDER $250,000: 10% PRICE APPRECIATION

OVER $250,000: 2%–3% APPRECIATION 

1. The supply of homes is at its lowest level in years, as the number of new listings cannot keep pace with the number of sales.
2. Prices are rising.

Reference is made to Jack McCabe’s article in this morning’s Herald Tribune, January 28, 2013.  Jack McCabe is right about the toxic conditions of runaway prices, ease of mortgage lending and the bust that it created.  However, it would be a mistake to conclude that Condominium Conversions cannot be done successfully, for both [...]

If the past month is a precursor of coming month’s activity, we should anticipate a very active selling season. New listings, pending sales and closings are all trending upwards. Sold prices have firmed up and are showing signs of very modest advance, in accordance with historical standards.  The inventory of homes available for sale [...]