Jeffery Marino at Redfin contacted us about the idea of running monthly stats on the local housing market, and given that we are big fans of numbers and chart porn, we agreed. Here’s Jeffery’s wrap up for May 2014:
The latest real estate data is in from real estate brokerage Redfin, and it looks like Venice is still pretty darn hot compared with the greater L.A. area.
In May, the median sale price for all of L.A. was $475,000 – a 10.5% increase over last year. While this price appreciation is significant, it’s nowhere near the highs seen in mid-2013. L.A. as a whole also saw inventory increase by about 15% from last year.
In Venice the median sale price was $1,427,500, which is 21.5% higher than in May of last year! A significant portion – 43.8% – of Venice homes sold above their listing price and homes spent an average of just 13 days on the market in May.
This all likely has a lot to do with the fact that Venice is still suffering from low housing inventory. There were 17.6% fewer homes for sale in May compared with the same time last year.
So, while things are leveling out for the rest of So Cal, Venice remains a tough market for buyers. But hey, demand is always high to live in the coolest city in L.A.
You can check out Redfin’s full report here – but the Venice data is exclusive to Yo! Venice!