Venice: February 2016 Prices Stabilizing.

In February, prices stabilized.  In fact, the average sold price, on a square foot basis, actually went down.  In February the average sold price was $150/sq. ft.  Last month, January 2016, it was $156/sq. ft. --- a 3.6% drop.  For the past 14 months, since January 2015, $152/sq. ft. was the average sold price.  More markedly, at $190,000, the median sold price was 14.8% less than in January 2016, when it was $223,000; and it was significantly less than the median sold price over the past 14 months, $209,000.  Since January 2015, the average sold price was $241,000.  The average sold price in January 2016 was $247,000, and further eroded 11.3% to $219,000 in February.  Home sellers seem to be taking notice, as the average list price has not moved much over the past year.  Still, all in all, it remains a seller’s market.  This past month homes were on the market for 64 days, prior to going under contract.  The result --- in February there was a 4.3 month supply of homes for sale.  So, when properly priced, buyers will quickly emerge, provided the home is “properly priced” to current market value.