Following an active October 2015, where 6.7% more homes were sold than in October 2014, the housing market caught its breath in November, resulting in less pended (under contract) and closed sales.  In November 2015 there were 139 pended sales vs. 163 in October 2015; there were 127 closed sales in November 2015 vs. 155 in October 2015; new [...]

In October there were 410 homes for sale in Venice/Venice Island.  That’s 20% less homes for sale than the same time last year.  Nevertheless, there were fundamentally the same number of closings, 152 in October 2015, compared to 153 in October 2014.  What’s more remarkable is that 6.7% more homes went under contract, 174 this past [...]

The real estate recovery has been marked by 3 ½ years of annual double digit price appreciation.  And there are no signs of it abating.  The primary driver has been and continues to be low inventory.  Six (6) months of inventory, based on closed sales, is considered a balanced market.  You have to go back to January 2012 to find more [...]

More homes are selling now than at any time within the past 10 years.  And the supply is not being replenished fast enough.  There are simply not enough new listings to serve the need.  So much so that the last time we had less homes for sale was 10 years ago!  See the charts below.  For the current quarter, June 2015 – August 2015 [...]

The supply of homes available for sale continues to shrink, resulting in higher prices.  At the end of July there was only a 1.9 month supply of homes.  A 6 month supply is considered a balanced market between sellers and buyers.  With a 1.9 month supply, if you are thinking about selling your home today, you will have little [...]

The trend continues unabated. The number of closed and pending sales in June outstripped the number of new listings by a country mile.  There were 192 closings in June, and 196 homes went under contract.  That’s out of a total inventory of only 414 homes for sale for the month of June. The result is that inventory levels remain extremely [...]

The number of homes going under contract and sold continues to outpace the number of new listings.  The result is continued low inventory, continued price appreciation, and quick sales.  For the month of April 2015 there were 529 homes for sale; of which only 216 were new listings; 252 homes went under contract; and 235 homes sold.  [...]

This month I have made a quarterly comparison relative to how real estate is trending in the general Venice area.  The results below are for the most recent quarter, December 1, 2014 through February 28, 2015.  I have indicated the extent to which they increased or decreased as compared to the same quarter last year, December 1, 2013 [...]