In Venice CA today, there are 115 properties for sale (same as my last report) from $425,000 to $11,900,000, and 42 properties for rent (↑5) starting from $1,695.
In Marina del Rey today, there are 144 properties for sale (↑2 from my last report) from $250,000 to $6,250,000, and 61 properties for rent (↑9) starting from $1,950
It’s a big week for economic news. Today, the Federal Open Market Committee (fondly known as the “Fed”) met. Interest rates were left untouched, but supporting commentary has tongues wagging. You can read the full press release here.
To help us mere mortals wade through the jargon and the sometimes not so obvious implications, I’m providing a guest post from Lance Kinkead from First Capital Mortgage, complete with recommendations:
This week’s FOMC meeting has adjourned with no changes to key short-term interest rates, as expected. However, also as expected, we are seeing some volatility in the bond market because of comments made that affect future changes to key short-term interest rates. The most notable was Continue reading “Mortgage News Update”
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).
The Federal Open Market Committee Meeting is scheduled to meet this week, and so far, tapering has yet to significantly impact housing. Key word being yet.
Still Wondering Why Silicon Beach Real Estate Is Skyrocketing?
The New York Times reports:
Honest Company in Santa Monica
LOS ANGELES — It was a Monday night, but Bar Marmont was packed. Women milled about in high heels and cropped fur coats (it was 50 degrees outside, this city’s version of a polar vortex). Hair had been meticulously coaxed into face-flattering waves, makeup freshly applied. “I’m going to get a massage on my lunch break tomorrow,” a woman at the bar told her friend, as she fiddled with a large gold necklace.
Nearby, Mark Salling, an actor from “Glee,” mingled with pals, and — wait, was that the guy who plays the British doctor on “The Mindy Project”? (Yes.) Beyoncé’s “Drunk in Love” was blaring. A model-like brunette wearing a rhinestone headband twerked gently in front of a GIF machine, the latest iteration of a photo booth, and made a halfhearted attempt at a duck face.
The party was not celebrating a movie premiere or a new perfume, but a collaboration between Tinder, the social network based in West Hollywood, Calif., and Glamour magazine, which now offers celebrity dating advice on Tinder’s smartphone app. Cupcakes decorated with the companies’ logos had been made for the occasion. “There is a lot of synergy between the two brands,” said Justin Mateen, a founder of Tinder. “It’s something that’s organic.”
Synergy and organic are not words unfamiliar to Los Angeles, of course, but over the last few years, they are increasingly being applied not to entertainment deals and juicing regimens but Internet start-ups. So many of these now populate the boardwalk and beachfront real estate of Venice and Santa Monica that the area has become known as Silicon Beach, a three-mile strip where you’re as likely to find Warby Parkers and MacBooks as surf and skateboards.
And some still wonder why Silicon Beach real estate is through the roof. As the press catches up with what insiders already know, we can only expect housing prices to go one way. 😉 See the full story at www.nytimes.com.
Housing Wire recently asked veteran housing economist David Berson to list 3 major things we need to know about the 2014 housing market.
Berson’s list:
2014 should prove to be the strongest year for housing activity since before the Great Recession (or as I fondly call it, “The Great Correction”)
Demographics should start to favor housing activity
Mortgage availability shouldn’t worsen and may improve
We’ve seen these trends gaining traction in #SiliconBeach. It’s good to know the broader trends are coming up on our heels to support the growth. Go Silicon Beach real estate!
Now who’s been hanging back waiting? Let’s get on it before the train leaves the station. 😉
It’s a big week for economic news. Today, the Federal Open Market Committee (fondly known as the “Fed”) met. Interest rates were left untouched, but supporting commentary has tongues wagging. You can read the full press release here.
Playa Vista Real Estate MLS Listings by Price:
REtrending 