This is the $24,000 question of the moment. There are many signs on the local front that prices are leveling and activity is picking up. However, there is nothing to indicate that prices will be escalating in the near future. What I am seeing is a quicker reaction by buyers to well-priced, good condition properties. There have even been multiple offers and a couple of properties last month that sold over asking.
Looking at the July stats (see below), the level of sales remained fairly high and about the same as last month and a year ago … In July 2009 16 single family homes, 4 income properties and 7 condos sold, last month’s numbers were 18-3-7 and the July 2008 totals were 16-3-2, respectively.
When I compare the single family home stats for July vs June 2009, there is very little change in average sale price and average price per square foot … but there is still a significant drop when comparing to last July.
The Multiple Listing Service statistics as of August 13th show Venice listing inventory increased by 8 since last month to 111 active single family homes for sale. The average days on market for the current listings remained about the same at 117 days from 118 days a month ago. Of the 111 current listings, 45 (40.5%) are listed below last month’s average sale price of $1,053,055 and 66 (59.5%) are listed above that average sale price. The average list price for the active listings is $1,406,207 … 33.5% above June’s average sale price.
Currently 20 single family homes are in escrow (average days on market is 84). This is quite a bit off a month ago when there were 28 homes in escrow with an average DOM of 67. This indicates that there may be a drop in number of closed sales in August and September. The average list price for the homes in escrow is $1,191,200.