Half the number of single family homes sold during September as compared to August and 14.3% fewer than September of 2010. However, both the average sales price and the average price per square foot showed increases when compared to both last month and a year ago.
As of October 10th, there were 50 single family homes actively listed for sale on the Multiple Listing Service … 13 less than a month ago. The number of homes in escrow increased by two to 26. The average days on market (DOM) for active listings increased 9% to 75.1 and the average DOM for listings in escrow increased by 10 days (13%) to an average of 82.2 days.
The average list price for the active listings is $1,671,203 … an increase of 10.7% from last month and 29.5% higher than the average sales price in September. The average list price for the homes in escrow is $1,272,842 … 1.4% higher than September’s average sales price and 23.8% lower than the average list price of the active listings.
Of the 50 active single family homes there are 4 short pays and no bank owned. Eight short pay and no bank owned homes are currently in escrow.
See below for a list of all of the properties sold in Venice during September 2011 and the charts showing the comparisons.
VIEW THE VENICE PROPERTY SALES FOR THE PAST 12 YEARS
Following a week of record low mortgage rates, rates for fixed-rate home loans have taken another plunge, according to government mortgage lender Freddie Mac. The first week of October saw interest rates for fixed-rate home loans dip below 4 percent for 30-year mortgages. While fixed rates for 30-year mortgages were at 4.01 percent during the last week of September, they fell to 3.96 percent for the week ending October 6. Rates were also down significantly from the same time last year, when a 30-year fixed-rate mortgage came with a 4.27 percentage rate. Similarly, 15-year fixed-rate mortgages fell from 3.28 percent last week to 3.26 percent this week. Fixed-rate mortgage loans with 15-year terms came with 3.72 percentage rate last year.
"Average 30-year conventional fixed mortgage rates fell below 4 percent for the first time in history this week following a sharp drop in 10-year Treasuries early in the week as concerns over a global recession grew. Average 15-year fixed rates fell to a record low in the PMMS as well," explained Frank Nothaft, Freddie Mac’s chief economist. While these percentage rates may be signs of a faltering economy, they present a fleeting opportunity for potential home buyers who will not likely see mortgage rates dip this low again.
Financial factors to consider if you must move now. Hopes of a housing recovery in the second half of 2011 were dashed when low consumer confidence, high unemployment and the debt crisis debacle were exacerbated by Standard & Poor’s downgrade of the United States’ credit rating. In August, S&P demoted the U.S., Freddie Mac and Fannie Mae (two government-sponsored mortgage entities) from AAA ratings to AA+.
The first-ever downgrade of the U.S. was expected to cause interest rates to rise. Instead, it had the opposite effect. Low interest rates have set off a new surge in refinance applications, but it has done little to help most home buyers who can’t qualify under current strict lender requirements.
READ THE FULL STORY …
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