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JANUARY STATS SHOW SOME POSITIVE SIGNS …

n January 2010, 11 single family homes sold which is a dramatic increase as compared to January 2009 when only 2 sales were reported. This is close to the 12-year average of 13 sales per month for January. While the number of sales dropped significantly from December, both the average sale price and the price per square foot increased. The average sale price increased a whopping 45% over December’s figure. The increase in price per square foot was relatively minor at 1.2%.

Over the past month, the number of active single family listings increased by 1 to 60 and the number of homes in escrow increased to 32 (2 more than a month ago). While these stats remained almost unchanged, there was a significant decrease in the days on market for both active and pending listings. DOM for active listings went down 19.4% to an average of 96 days; DOM for listings in escrow went down 11.8% to an average of 93.5 days.

The average list price for the active listings is up slightly from last month to $1,615,163. Of the 60 current listings, 32 (53.3%) are listed below January’s average sale price of $1,462,591 and 28 (46.7%) are listed above that average sale price. The average list price for the homes in escrow is $1,134,429 … 22.4% lower than January’s average sales price and 29.8% lower than the average list price of the active listings.

See below for a list of all of the properties sold in Venice during January 2010.

JANUARY VENICE SALES …

Sales are for all of Venice and do not necessarily represent sales of CJ & Jay Cole. Information is compiled from DataQuick and the MLS/CLAW. Sources are deemed reliable; however, no representation of any kind is made as to its accuracy.

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For a look of all of the Venice property sales by month since 1999, visit my web site at http://venicebeachliving.com/sa/index.html.

NOW VACANT & REMODEL COMPLETE … EASY TO SHOW !!!

411 LINNIE CANAL . VENICE CANALS

Nestled on an island in the Venice Canals, this charming light-filled beach house offers 3 bedrooms & 2 baths in the main house + a spacious studio/office above the double garage. Tastefully remodeled, the open main level flows from the Canal-front porch to a private back courtyard and features an open living/dining area, kitchen with new cabinetry & butcher-block counter tops, a large media/family room (third bedroom), full bath and laundry room … all with gleaming maple floors and bright white walls & cabinetry. The upper level has two bedrooms, each with vaulted ceilings, new sisal-type carpet & private patio. The all-white bath has a spa tub. All rooms open via French doors to great porches/decks. The loft-style studio has 1/2 bath, 2 balconies, maple floors, high ceiling.

1921 bungalow with second story addition + studio & garage built in 1985/86.

Home: appx 1465 s/f … Studio: appx 480 s/f … Lot: 2850 s/f.

EXCLUSIVELY OFFERED FOR SALE AT … $1,500,000.

VIEW THE PROPERTY WEB SITE

Download the Brochure
Download the MLS Info

To arrange a showing or for more information contact CJ & Jay at 310.823.3129.

 

HOME BUYER’S FAIR MARCH 13TH & 14TH

Don’t miss the third annual Southern California Home Buyer’s Fair … Thousands of potential home buyers are expected to converge the weekend of March 13 and March 14 at the Los Angeles Convention Center for the FREE third annual Southern California Home Buyer’s Fair. The event is sponsored by the CALIFORNIA ASSOCIATION OF REALTORS® (CAR) and the Los Angeles Times.

The Southern California Home Buyer’s Fair, open 10 am to 5 pm, Saturday, March 13, and 11 am to 4 pm, Sunday, March 14, features more than 50 educational “how-to” seminars designed to help home buyers navigate today’s real estate market with confidence and peace of mind. Seminar topics range from understanding home prices and monitoring and fixing credit to applying for a mortgage and the importance of the home inspection. Several of the sessions also will be offered in Spanish …

The event is free to the public. In addition, the first 200 attendees each day will receive a free movie ticket (one ticket per person).

MORE INFO

FEWER HOMEOWNERS SEE HOME VALUES FALLING

Although the report by Zillow.com claims that the percentage of American single-family homes with mortgages in negative equity rose in the fourth quarter, the report does not account for seasonal changes. The traditional home-buying season is April through August. Historically, this time period also is when median home prices rise. In September, median home prices generally show a declining trend, and remain steady from November through February. The change in the median home price noted by Zillow.com is a typical year-end seasonality adjustment in price.

Unlike the national median home price, the month-over-month changes in California’s median home price for 2009 were stronger than the long-run average. Low interest rates and tax incentives led to a rise in the demand for housing. As a result, housing inventory was constrained and created upward pressure on home prices.

California’s housing market has shown signs of stabilization since early last year. Sales of existing, single-family homes bottomed out in August 2007, and the median home price reached its trough in February 2009. In December, California’s median home price was 25.1 percent above the low for the current cycle.

In December, the median price of an existing, single-family home rose to $306,820, an 8.4 percent rise year-over-year, the second consecutive year-over-year increase, and the 10th consecutive month-over-month increase, according to CAR’s December sales and price report.

Although home buyers should not focus solely on future home price appreciation, homeowners who purchase a median-priced house, live in their home for at least five years, and sell it at the then current median price, have averaged an annual rate of return of more than 11 percent, according to data collected by CAR over the last 40 years.

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