Jeff Marino sent in this month’s report:
Venice Housing Market Update for June 2014
By Redfin agent Matt Jones
The Greater Los Angeles real estate market appears to be stabilizing while Venice remains a seller’s market. Across all of L.A., the:
- median sale price showed no change from May, holding steady at $475,000;
- number of homes sold declined a scant 0.9%; and
- total homes for sale increased 2.0% since May and a significant 13.7% since June of last year.
Most L.A.-area buyers are cheering the return of a balanced market. But Venice is special, as everybody knows.
Here’s how the Venice real estate market looked in June, according to real estate brokerage, Redfin:
- The median sale price increased 12% since May and is now $1.62M (16% higher than one year ago).
- 4% more homes were sold in Venice than last May; 33% more than last year.
- The number of single-family homes for sale tumbled 4% from May, which means Venice inventory remains 10% lower than one year ago.
Some super high-tier homes ($2M plus range) are sitting on the market a little longer. But for the most part, competitively priced homes are selling very quickly.
Some Venice homeowners are concerned they will not be able to afford to find a suitable replacement home (dare they say, “upgrade”?) given the past price increases across all of the Southland. Affluent beach communities like Venice will almost always be the last to cool off. But that means right now could be great timing to sell if you are looking to move inland to one of the markets that has already showed signs of stabilizing.