Venice Real Estate – How’s The Market Today?

How about a little market data today for Venice real estate? Below you’ll find some informative charts, courtesy of Altos Research, a recognized provider of real time data for real estate. As they’re fond of saying, “There’s power in data.” I couldn’t have said it better myself. 😉

First Up, Let’s Look At The Median Price For Venice Real Estate Today

Below are the median price charts for Venice real estate. These charts represent a 90-day rolling average for the last 12 months. Nice trajectory for the SFR (single family residences), yes? A little bumpier for condos and townhomes on the right, but definitely trending in the direction we like to see.

 

Total Inventory for Venice Real Estate Today

If you’re a Venice seller, low inventory typically means that all demand (and there is lots of it in Venice currently, thank you very much to #SiliconBeach) is focused on just a few properties. This is good if you want top dollar for your property.

If you’re a buyer, low inventory means bidding is competitive and you better be ready to move fast if you see something you like.

As you can see below, we’re in a classic seller’s market, but fear not. This kind of market can be managed to the advantage of both buyers and sellers, if you have the right agent. Contact me with questions.

 

Days On Market for Venice Real Estate Today

“Days on Market” or “DOM” refers to how long a property sits on the market. Why is this an important statistic? DOM can provide insight into pricing for properties or other possible red flags.

If a house sits on the market for an extended period of time, that might be an indication of an over-ambitious price or some defect with the property. On the other hand, a long DOM can also be an opportunity.

For instance, I know of a beautiful loft in Marina del Rey that sat on the market for longer than expected. The price was good and the unit was gorgeous. The problem? I have no clue, except perhaps timing. The unit was put on the market right after the holidays and stayed on through the Super Bowl season. Sigh.

In that case, a longer DOM gave a perception of an issue when in fact, there was none. It simply represented an opportunity. Just ask the buyer of that unit. Here are the stats for Venice:

 

This chart shows about 70 days on market for single family homes, but if you drill deeper into the data, at least one pricing sub-group is running at 40 days. Condos are sitting on the market longer, but that’s trending back down.

Conclusions For Venice Real Estate Today?

So, in case you needed data to tell you that the market is hot in Venice, there you go! Of course, if you live anywhere near Venice and you’re not under a rock, you knew this. But it’s kind of empowering to dive into the numbers to see just how hot and which way the numbers are trending.

Request Custom Charts Today

If you’d like a deeper dive into a neighborhood where you’re thinking about buying or selling, contact me for a custom set of charts with more detail than the charts above. You can also see my dynamic charts for Venice real estate here. These charts automatically update each week. I can provide charts for any West LA communities. Median price charts for all West LA communities can be found here.

Still Have Questions About Venice Real Estate?

For any other questions about Venice real estate, don’t hesitate to reach out. You can see what’s for sale today in Venice here (spoiler alert – 116 properties for sale). To see my most recent Self-Guided Open House Tour for Venice, go here (South of Venice Blvd) and here (North of Venice Blvd).

Advertisements

Do You Agree? Drop A Note Below

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s