How’s The Market Venice?
The #1 question realtors get asked is “how’s the market?” It’s such a big question. I almost never know where to start. Different people think different criteria tell the story. Below are six that I think best answer the question, along with trend graphs as of September 30th. All graphs depict a 12 month rolling average to smooth out the trendlines.
In Venice, there were 316 new listings in September compared to 305 new listings in August. As you can see from the trend graph below, we’ve been hovering in the same territory all year, but the over all trend is up.
Months Supply is a good indicator of a sellers’ versus a buyers’ market. Typically, a market that favors sellers has less than six months of supply (listings). Venice is hovering just under four months, still solidly in seller territory.
Price reductions are a mixed bag as far as being an indicator of any trend. Sometimes a seller starts out unrealistic and has to “right-price.” Sometimes the agent is from out of area and doesn’t know that east of Lincoln is cheaper than west of Lincoln. It takes some real analysis of the price reductions to see if there is a broader trend working.
So far this month, we’ve seen 10 price reductions in Venice. Contact us if you want the list.
Price Per Square Foot
The average price per square foot is on a steady upward march in Venice and has been since April. Different property types and bed/bath configurations likely have their own average PPSF. Contact us if you want to see a graph for a particular property type or bed/bath configuration.
Days On Market
Days on market can be an indicator of demand. If DOM is trending down, houses are moving faster. In Venice, DOM for single family homes has hovered in the 40-43 days range for over a year.
Back on Market
Only one property has fallen out of escrow in Venice in the last seven days.
Assumptions & Other Markets
This report was written for single family homes in the Venice community of Silicon Beach. Similar reports can be generated on request for neighborhoods and other carve outs within Venice 90291. For example, in Venice there are significant differences in the data for east of Lincoln versus west of Lincoln. Or maybe condos or vacant land are your thing. We can generate reports for other property types, too! Contact us for custom reports.
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