A whooping 23 Venice single family homes closed escrow in May … 209% over the preceding month’s number of sales and the same percent over the number sold in May 2009. The May average sale price increased about 20.6% as compared to April’s figure. The price per square foot also increased, by 3% over last month and 6.4% over a year ago.
According to the Multiple Listing Service, the number of active single family listings (as of May 16th) increased since our last issue by 5 to 85 (6.25%); and the number of homes in escrow decreased 19.5% to 33 (8 less than a month ago). Days on Market (DOM) for active listings increased 8% to an average of 68 days; DOM for listings in escrow increased 12.5% to an average of 72 days.
The average list price for the active listings decreased slightly from last month to $1,527,721. Of the 85 current listings, 37 (43.5%) are listed below May’s average sale price of $1,240,374 and 48 (56.5%) are listed above that average sale price. The average list price for the homes in escrow is $1,028,069 … 17.1% lower than May’s average sales price and 32.7% lower than the average list price of the active listings.
These stats predict that next month will show decreases in both the number of sales and sales prices.
See below for a list of all of the properties sold in Venice during May 2010.
MAY 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.
HOW DOES THIS COMPARE ???
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.
VERY SPECIAL !!! OPEN SUNDAY, JUNE 20, 2-5 PM !!!
702 CALIFORNIA AVENUE . VENICE
PROVENCE IN VENICE … Private, walled villa reminiscent of the South of France! Just steps to the action of Abbot Kinney and a few blocks to the beach! Dramatic, open architecture with skylights, 10′ ceilings, French doors + hardwood floors throughout! Centered on a lush courtyard and surrounded by greenery! 3 bedrooms, 2 baths in the 2100 s/f main house + 500 s/f artist’s studio/guest quarters with 3/4 bath! Perfect for an artist, writer or musician! Published, sophisticated and impressive! Through the custom wood gates … the serenity of a different world !!!
Home: Approx 2100 s/f … Studio: Approx 500 s/f … Year Built:1993 … Lot Size: 5400 s/
EXCLUSIVELY OFFERED FOR SALE AT … $1,975,000
Download the Brochure
Download the MLS Info
To arrange a showing or for more information contact CJ at 310.823.3129.
FABULOUS BUY !!! NOW FURNISHED !!!
2213 GRAND CANAL . VENICE CANALS
EXCEPTIONAL WATERFRONT HOME !!!
On the hip Venice Canals, this stunning architectural home features a huge loft-like great room with 10′ ceilings, gleaming wood floors & walls of glass + a stainless, wood & granite gourmet kitchen on the ground level. A master suite w/luxurious spa bath, 2 guest bedrooms, guest bath & office nook comprise the second level. An open penthouse studio/media room, full bath & 2 roof terraces make up the 3rd level. This is very cool Venice beach location…only steps to the sand & great restaurants.
Home: Approximately 3265 s/f … Year Built: 2001 … Lot Size: 2700 s/f
EXCLUSIVELY OFFERED FOR SALE AT … $2,375,000
Download the Brochure
Download the MLS Info
To arrange a showing or for more information contact CJ at 310.823.3129.
LEASED !!!
424 CARROLL CANAL . VENICE CANALS
ENJOY THE AMBIANCE OF THE VENICE CANALS !!! Fabulous 2 bedroom 1 bath Canal-front home for lease. This cozy lower-unit abode was rebuilt just four years ago and is packed with state-of-the-art amenities … hardwood floors throughout, recessed lighting, cable, satellite, built-in speakers. The cozy living/dining areas face a wall of windows and French doors that open out to a great waterfront deck and yard … perfect for a barbeque with friends or an intimate dinner. The open kitchen is equipped with stainless range, refrigerator and dishwasher plus a built-in microwave and ample cabinets. A dreamy spa bath is very spacious and has a separate shower, therapy tub, pristine white cabinetry and tile. Each bedroom has great closet space … the master is very nice sized. Parking is a single garage plus one outside space and one shared guest space. Minimum one-year lease. Pets are OK !!!
Unit: Approximately 900 s/f … Lot Size: 2850 s/f
EXCLUSIVELY OFFERED FOR LEASE AT … $3,500 /month
Download the Brochure
Download the MLS Info
To arrange a showing or for more information contact CJ at 310.823.3129.
CALIFORNIA CONSUMER CONFIDENCE RISES IN MAY
The California Composite Index of Consumer Confidence increased to 82.7 in May, slightly higher than the February reading of 81.1, according to a survey conducted by the Anderson Center for Economic Research at Chapman University. May marked the third consecutive monthly increase. An index level lower than 100 reflects a higher percentage of pessimistic consumers compared with those who are optimistic. The survey was unchanged in consumer confidence at the national level during the same time period, according to a similar survey conducted by the University of Michigan.
The index measuring consumers’ spending plans declined nearly 18 points from May to February, while the indices measuring current economic conditions and future economic conditions both increased to readings of 66 and 105.1, respectively. The index measuring consumers’ planned spending on big-ticket items decreased to 71.4, the lowest reading since the first quarter of 2009.
HARVARD STUDY FINDS JOB GROWTH KEY TO HOUSING RECOVERY
Improved affordability for first-time buyers and government incentives led to increases in sales of existing homes last year, according to the State of the Nation’s Housing report released by the Joint Center for Housing Studies of Harvard University. The study also found a record number of foreclosures continue to add pressure to the housing market and millions of homeowners.
Despite some positive signs early in the spring-buying season this year, housing continues to face significant challenges, according to the study. “Many factors still are weighing heavily on the market,” said Nicolas P. Retsinas, director of the Center. “Elevated vacancy rates, record foreclosures, the expiration of the home buyer tax credit, and continued high unemployment all are causes for concern."
“If history is a guide, what happens with jobs will matter the most to the strength of the housing rebound,” said Eric S. Belsky, executive director of the Joint Center for Housing Studies. “Right now, economists expect the unemployment rate to stay high, but if employment growth surprises on the upside or downside, housing numbers could too."
FAST FACTS
California median home price – April 2010: $306,230
(Source: CAR)
California highest median home price by CAR region April 2010: Santa Barbara So. Coast $879,000 (Source: CAR)
California lowest median home price by CAR region April 2010: High Desert $127,300 (Source: CAR)
California First-time Buyer Affordability Index – First quarter 2010: 66 percent (Source: CAR)
Conforming mortgage rates – week ending 6/10/10:
30-yr. fixed: 4.72% Fees/points: 0.7%
15-yr. fixed: 4.17% Fees/points: 0.7%
1-yr. adjustable: 3.91% Fees/points: 0.6% (Source: Freddie Mac)