The combined August/September 2010 single family home sales stats (as compared to the combined June/July 2010) show a decline in both the number of homes sold and the total dollar volume by 26.5% and 18.9% respectively. When compared to the same two-month period (August/September) for 2009, the number of sales increased by 13.6% while the total sales volume declined by 7.0%. The average sale price and the average sale price per square foot decreased as compared with the two months period in 2009 (down 18.1% and 13.3% respectively); however, a slight increase in both averages (10.2% and 3.2% respectively) were noted when compared to the June/July 2010 period.
According to the Multiple Listing Service, the number of active single family listings (as of October 12th) increased by 1 since our last issue; and the number of homes in escrow increased by 2 to 31. Days on Market (DOM) for active listings remained about the same at an average of 79.5 days; DOM for listings in escrow increased by 7.2% to an average of 74 days.
The average list price for the active listings remained about the same at $1,590,393. Of the 91 current listings, 24 (26.4%) are listed below September’s average sale price of $849,788 and 67 (73.6%) are listed above that average sale price. The average list price for the homes in escrow is $1,326,645 … 56.1% higher than September’s average sales price and 16.6% lower than the average list price of the active listings.
See below for a list of all of the properties sold in Venice during August and September 2010 and the two/month comparison charts.
AUGUST VENICE SALES …
SEPTEMBER 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.
OUR INVENTORY …
702 CALIFORNIA AVENUE . VENICE
PROVENCE IN VENICE … Private, walled villa reminiscent of the South of France! 3 bed, 2 bth in the main house + 500 s/f artist’s studio/guest quarters with 3/4 bath! Through the custom wood gates … the serenity of a different world !!!
SOLD … $1,675,000
452 CARROLL CANAL . VENICE
"FONDLY KNOW AS THE CASTLE" … Stunning one-of-a-kind home enjoys a fabulous location on an island in the Venice Canals. Designed by Reid Munroe with timeless materials and quality, this 3 bed, 2.5 bth surrounds a private courtyard !!!
NEW LISTING … $2.150,000
422 CARROLL CANAL . VENICE
CANAL-FRONT LEASE … 2 + 1 upper-unit abode was renectly rebuilt with state-of-the art amenities. Large open living/dining/kitchen opens to huge waterfront deck. Spa bath. Single garage + 1 outside parking space. Pets OK with approval.
JUST LISTED AND LEASED … $3250/MONTH
2213 GRAND CANAL . VENICE
UNBELIEVABLE PRICE … $659/sf. 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. 3 bd + 4.5 bth + large 3rd floor media/family room !!!
OFFERED FOR SALE … $2,150,000
225 MARKET STREET . VENICE
CONTEMPORARY VENICE BEACH DUPLEX … In the middle of all the action … 2 blocks to the beach and 2 blocks to Abbot Kinney Boulevard. Each unit is approximately 1700 sf with 2 bedrooms & 2.5 baths + there is a bonus room used as an office !!!
IN ESCROW … $1,450,000
CALIFORNIA REALTORS® FORECAST SLIGHT RISE IN 2011 HOME SALES
Sales of existing, single-family homes are expected to decline slightly in 2010 compared with 2009, but are forecast to rise slightly in 2011, according to the CALIFORNIA ASSOCIATION OF REALTORS®’ (C.A.R.) “2011 California Housing Market Forecast.” Meanwhile, the median price of homes in California is expected to increase both in 2010 and 2011 compared with the year prior.
Following near record-high levels of year-over-year sales increases, home sales are expected to decline 10 percent in 2010 compared with 2009, according to the C.A.R. forecast. C.A.R.’s economists predict home sales will increase 2 percent in 2011 compared with 2010.
Home sales are expected to end the year at 492,000 units, compared with 546,500 in 2009. C.A.R. forecasts sales will come in at 502,000 units in 2010.
The median sales price is forecast to increase 11.5 percent to $306,500 for 2010, and an additional 2 percent in 2011 to $312,500, C.A.R. announced.
According to C.A.R. Chief Economist Leslie Appleton-Young, the Association expects a net jobs increase of approximately 1.4 million jobs in California for 2011 and an improvement in unemployment figures, which many believe are key to the economic recovery.
CONFORMING LOAN LIMITS EXTENDED THROUGH SEPTEMBER 2011
President Obama late last week signed a continuing resolution that included a provision extending through fiscal year 2011 the current conforming loan limit of $729,750 for high-cost areas, including many in California. The same limits also will be extended to loans insured by the Federal Housing Administration.
The conforming loan limit determines the maximum size of a mortgage that government sponsored enterprises (GSEs) Fannie Mae and Freddie Mac can buy or “guarantee.” Non-conforming or “jumbo loans” typically carry higher mortgage interest rates than conforming loans, increasing monthly payments and hampering the ability of families in California to purchase homes by making them less affordable.
California median home price – August 2010: $318,660
California highest median home price by CAR region August 2010: Santa Barbara So. Coast $777,000 (Source: CAR)
California lowest median home price by CAR region August 2010: High Desert $127,860 (Source: CAR)
California First-time Buyer Affordability Index – Second quarter 2010: 64 percent (Source: CAR)
Conforming mortgage rates – week ending 9/30/2010:
30-yr. fixed: 4.32% Fees/points: 0.8%
15-yr. fixed: 3.75% Fees/points: 0.7%
1-yr. adjustable: 3.48% Fees/points: 0.7% (Source: Freddie Mac)