January in 2017 ended about how almost every January here in the Venice area does – below average. Our real estate market has been in a relative holding pattern since July of 2015 but a few trends are apparent: decreasing sales and increasing inventory relative to last year.
Comparing January of 2017 to January of 2016:
- Monthly closings are down from 170 to 152 (-11%)
- Current inventory is up from 835 to 972 (+16%)
- Supply of inventory is up from 4.9 months to 6.4 months (+31%)
- The average sales price in our area has increased from $249,038 to $264,655 (+6%)
Although some of the common indicators of our market health are pointing towards a slight decline, sales prices have actually gone up. After years of studying market statistics I’ve learned not to put too much faith into any single month’s statistics, especially January. In our market January is always our slowest month for sales and it’s hard to draw conclusions from one month.
Overall Market Statistics: VABR January 2017 Summary
Single Family Homes Summary: January 2017 SF Summary
Condos & Villas Summary: January 2017 Condo Summary