February 2017 continued an upward trend in the Venice area real estate market. The average sales price for all homes in the Venice area was up 5.6% from last month, but was up a staggering 22.7% from February of 2016! In addition to the increase in sales prices since last month, the overall number of sales was up as well.
Comparing February of 2017 to February of 2016:
- Monthly closings were up to 193 vs. 180 (+7.2%)
- Current inventory is still higher at 1,020 vs. 900 (+13.3%)
- Supply of inventory is up slightly from 5.3 months vs. 5.0 months (+6%)
- The average sales price in our area has increased to $279,546 vs. $227,845 (+22.7%)
One or two months of sales figures does not indicate a trend, but early indications point to a strong real estate market in 2017.