The October average selling price for Venice single family home increased a whopping 48% over September with 61.5% of the homes selling for over $1,000,000 … this is significant increase over September where only 21.4% of the homes sold for over $1,000,000. The total sales volume was also up substantially. The number of sales in October decreased by one from 14 to 13; however it was a big increase over the 9 sold in October of 2009. The average dollars per square foot increased by 9.6% from the previous month and was 2.4% less than a year ago.
According to the Multiple Listing Service, there were 97 active single family listings (as of November 16th), an increase of 6 since our last issue. The number of homes in escrow decreased by 7 to 24. The average days on market (DOM) for active listings increased by 3.8 days to 83.3 days and the average DOM for listings in escrow increased by 12.5 days to an average of 86.8 days. This change shows a slow down in activity that will most likely show as decreases when we present the stats next month.
The average list price for the active listings declined by 4.2% from a month ago to $1,524,392.. Of the 97 current listings, 59 (60.8%) are listed below October’s average sale price of $1,258,231 and 38 (39.2%) are listed above that average sale price. The average list price for the homes in escrow is $1,114,246 … 1.4% lower than September’s average sales price and 36.8% lower than the average list price of the active listings.
See below for a list of all of the properties sold in Venice during October 2010 and the charts showing these comparisons..
OCTOBER 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.
OPEN SUNDAY, NOVEMBER 21 … 100 – 4:00
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452 CARROLL CANAL . VENICE PRICED TO SELL NOW !!! Fondly known as "The Castle" … Stunning one-of-a-kind home enjoys a fabulous location on an island in the Venice Canals. Designed by Reid Monroe with timeless materials and exceptional quality, this 3 bed, 2.5 bath surrounds a private courtyard. Inviting Canal-front patio !!! EXCITING NEW PRICE … $1,995,000 |
CALL FOR AN APPOINTMENT
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2213 GRAND CANAL . VENICE TAKE ANOTHER LOOK … JUST RE-STAGED !!! 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 bedrooms + 3.5 bath + large 3rd floor media/family room or office !!! OFFERED FOR SALE … $2,150,000 |
IN ESCROW
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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 |
HOME-BUYING VIDEOS RELEASED
HUD, NAR release consumer home-buying videos … To help consumers navigate the home-buying process, the US Dept. of Housing and Urban Development (HUD) and the National Association of Realtors® (NAR) released three how-to videos. Each video focuses on a critical part of the home-buying process including Shopping for your Home, Shopping for your Loan, and Closing the Deal. HUD’s videos are easily accessible from both HUD and NAR’s Web sites as well as from HUD’s YouTube channel.
CONSUMER WARNING
Federal law prohibits charging consumers until help is provided … The CALIFORNIA DEPARTMENT OF REAL ESTATE (DRE) recently issued a consumer warning about false and misleading designations, claims of expertise, certifications, and/or credentials, being used in the marketing and advertising of assistance to homeowners in connection with home loans, foreclosure rescue services, and short sales.
The DRE has noticed an uptick in the number of companies offering expensive courses, materials and “leads” that have no meaningful or substantive content and which are designed to allow those who pay for these courses to claim they have “certifications’ – which are, in effect, worthless. The DRE provides suggestions for consumers who are thinking about retaining the services of specialists or experts, including a list of good questions to ask. The DRE is also warning licensees to be cautious and only choose reputable courses, with quality content, for certification.
FRAUD ALERT
DRE issues consumer warning on designations … New federal laws that went into effect Oct. 27, make it more difficult for debt-relief companies to victimize consumers. The new laws prohibit these companies from charging consumers until they’ve helped them reduce or change the terms of at least one debt. Since December 2007, the Better Business Bureau has received more than 6,000 complaints from consumers about debt-relief companies. Typical complaints were that the companies charged fees to consumers burdened with debt, but failed to reduce or eliminate debts.
FAST FACTS
California median home price – September 2010: $309,900
(Source: CAR)
California highest median home price by CAR region September 2010: Santa Barbara So. Coast $879,750 (Source: CAR)
California lowest median home price by CAR region September 2010: High Desert $124,960 (Source: CAR)
California First-time Buyer Affordability Index – Second quarter 2010: 64 percent (Source: CAR)
Conforming mortgage rates – week ending 11/4/2010:
30-yr. fixed: 4.24% Fees/points: 0.8%
15-yr. fixed: 3.63% Fees/points: 0.7%
1-yr. adjustable: 3.26% Fees/points: 0.7% (Source: Freddie Mac)