The Venice area real estate market continued it’s strong start to the year. The number of sold properties in the Venice area reached 310 which is the highest level of sales in one month since May of 2015. The increased rate of sales resulted in the supply of inventory (how long it would take to deplete the market inventory at the current pace of sales) dropping from 5.4 months down to 3.2 months. The average sales price for properties was down slightly from February (down to $268,524 from $279,660) but prices are up 11.6% compared to March of 2016.
Comparing March of 2017 to March of 2016:
- Monthly closings were up to 310 vs. 249 (+24.5%)
- Current inventory is still higher at 1,000 vs. 927 (+7.8%)
- Supply of inventory is down slightly to 3.2 months vs. 3.7 months (-13.5%)
- The average sales price in our area has increased to $268,524 vs. $240,574 (+11.6%)
When we look at January-March of 2017 and compare them to the January-March of 2016 the average sales prices in the area are up an impressive 11.6%. Although increasing sale prices are encouraging, inventory is up from last year and it’s taking longer for properties to go under contract so far in 2017. More detailed information on the March market figures can be explored in the links below: