The Venice area real estate market continues to top last year’s prices yet again. The Month of April saw a slight increase in the average sales price from the previous month ($270,521 vs. $266,865). While the number of sales dropped a bit in April, the number of properties on the market dropped even more which resulted in a net increase in the supply of inventory in our market (up to 3.5 months from 3.3 months).
Comparing April of 2017 to April of 2016:
- The average sales price in our area has increased to $270,521 compared to $242,785 last April (+11.4%)
- Monthly closings were almost even at 260 compared to 263 last April (-1.1%)
- Current inventory is still higher at 912 compared to 881 last April (+3.5%)
- Supply of inventory is up slightly to 3.5 months compared to 3.3 months last April (+6%)
When comparing year-to-date 2017 versus the same time period last year, the average sales price in the area is up an impressive 12.7%. It’s interesting to note that the bulk of the gains in home values have been in the single family home segment. I suspect that new construction is a factor here as almost 80% of new homes are of the single family home variety.
More detailed information on the April market figures can be explored in the links below: