The trends that I have been reporting continue unabated.  Although there were less new listings in November 2014 versus November 2013, more homes closed or went under contract.  The result is that inventory levels continue to decline.  There were 20% less homes for sale in November 2014 than the same time last year.  Accordingly, homes [...]

A recent review of home sales turns on its head the perception that the best time to sell is during the winter, so-called “in season”.  Although the number of homes for sale and new listings was down, the number of homes sold and homes under contract were way up.  In September 2014 homes for sale were down 9.3% compared to the same [...]

Sold prices have stabilized.  In fact, there is some evidence that prices may be showing signs of modest depreciation.  Consider the following:

1. Inventory remains low --- 2.9 month supply based on closed sales.
2. Buyers quickly emerge --- average days on the market, 77 days.

Nevertheless, notwithstanding the laws of supply and demand:

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Home Sales in July, for the Venice area continued the trend of the last few months.  The number of homes for sale, listed, closed and placed under contract remained fairly steady, maintaining a “neutral” position.  Likewise, the average sold price stayed about the same as last month.  However, the active list price increased 4.5% from [...]

Coming off the recession era bust, in 2012 and 2013 we had roughly a 20% combined rate of appreciation.  In May I reported that although prices continued to appreciate, the rate of appreciation was slowing.  I further postulated that for 2014 I anticipated an appreciation rate of 5-7%.  If June is indicative of the remainder of the year, [...]

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 [...]

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 [...]

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. [...]

2013 was a great year for Venice real estate.  This was amongst the most productive years ever, based on the total number of homes sold.  In fact, had it not been for the shortage of available homes for sale, 2013 would likely have seen more homes sold than any other year, ever.  On average there were 614 homes for sale at the end of each [...]