VENICE REAL ESTATE MARKET UPDATE
VENICE REAL ESTATE MARKET ACTIVITY PICKING UP IN THE NEW YEAR ...
Now that the holidays are over, it feels like the real estate market is becoming more active. I am receiving more phone calls and property showings. As I predicted last month, there is an increase in new listings ... currently there are 59 active listings for single family homes. This is up by 8 from last month.
The average days on market for the current listings decreased from December's 129 days to 119 days. The average list price for the active listings is down slightly from last month to $1,620,690. Of the 59 current listings, 21 (35.6%) are listed below November's average sale price of $984,090 and 38 (64.4%) are listed above that average sale price.
Currently 30 single family homes are in escrow (average days on market is 106). This is a slight increase over last month when there were 28 homes in escrow. The average days on market of pending homes decreased from 112 the month before. The average list price for the homes in escrow is $1,213,881 ... 6.4% higher than December's average sales price and 20% lower than the average list price of the active listings.
The December stats (see below) for Venice single family sales volume showed increases over last month in all categories except for the average sales price which dropped significantly mainly due to an increase in short sales.
DECEMBER 2009 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 ../sa/index.html.
What’s ahead for home prices ???
California remains ahead of the nation in market recovery with many first-time home buyers entering the market due to affordable home prices, low mortgage rates, and first-time home buyer tax credits from the state and federal governments. However, credit still is tight and unemployment remains high, which could hinder a full market recovery until 2011.
KEEP THIS IN MIND ...
• Home sales in California hit bottom more than two years, and the median home price of an existing,
single-family home reached its trough in February, according to data collected by the CALIFORNIA
ASSOCIATION OF REALTORS® (C.A.R.). In November, the state’s median home price rose in yearto-
year comparisons for the first time since August 2007.
• C.A.R.’s closely watched "2010 California Housing Market Forecast,” projects that the median home
price in California will rise 3.3 percent to $280,000 in 2010 compared with a projected median of
$271,000 in 2009.
• Some economists are forecasting another surge of foreclosures in 2010. However, C.A.R.’s
economists expect that foreclosures will remain flat this year compared with 2009. In 2008, many
lenders flooded the market with foreclosures, and as a result, the state’s median price declined by
historic levels. By comparison, in 2009, lenders listed properties for sale at a more measured pace,
which helped moderate another home price decline.
• Government efforts to maintain a low interest rate environment have stabilized the market. However,
a mortgage analyst at a financial publishing company predicts that rates likely will rise to 5.5 percent
by mid-2010 and close the year at 5.75 percent to 6 percent.
To read the full story, please click here.
OPEN SUNDAY, JANUARY 17 ... CANAL COTTAGE W/STUDIO !!!
411 LINNIE CANAL . VENICE CANALS
NESTLED ON AN ISLAND IN THE VENICE CANALS ... this charming light-filled beach house offers 3 bedrooms and 2 baths in the main house plus a spacious art studio with half bath above the double garage. Tastefully remodeled, the open main level flows from the Canal-front porch to a private back courtyard and features an open living/dining area, kitchen with new cabinetry and butcher-block counter tops, a large media/family room (third bedroom), full bath and laundry room … all with gleaming maple floors and bright white walls and cabinetry. The upper level has two bedrooms, each with vaulted ceilings, new sisal-type carpet and private patio. The all-white bath has a spa tub. All rooms open via French doors to great porches/decks. The studio will be delivered with maple flooring, new paint and remodeled half bath at COE. The landscaping is simple and low maintenance.
EXCLUSIVELY OFFERED FOR SALE AT ... $1,600,000.
Download the Brochure
Download the MLS Info
To arrange a showing or for more information contact CJ & Jay at 310.823.3129.
Another Big Gain in Existing-Home Sales as Buyers Respond to Tax Credit ...
Existing-home sales rose again in November as first-time buyers rushed to close sales before the original November 30 deadline for the recently extended and expanded tax credit, according to the National Association of Realtors®.
Existing-home sales – including single-family, townhomes, condominiums and co-ops – rose 7.4 percent to a seasonally adjusted annual rate1 of 6.54 million units in November from 6.09 million in October, and are 44.1 percent higher than the 4.54 million-unit pace in November 2008. Current sales remain at the highes level since February 2007 when they hit 6.55 million.
Exterior Remodeling Proves Best Bang for Your Buck ...
Despite a slow market and a slight decrease in the resale value of most remodeling projects, Realtors® report that the smartest home improvement investments may also be some of the least expensive. Results from the 2009 Remodeling Cost vs. Value Report show that small-scale exterior projects are the most profitable at resale, according to estimates by Realtors® who completed a recent survey.
On a national level, eight out of the top 10 projects in terms of costs recouped were exterior replacement projects that cost less than $14,000. Certain types of door and siding replacements, as well as wood deck additions all returned more than 80 percent of project costs upon resale. A steel entry door replacement – a new addition to this year’s list – recouped 128.9 percent of costs, followed by upscale fiber-cement sliding replacements at 83.6 percent. Wood deck additions recouped 80.6 percent of costs.
Realtors® See a Decade of Dramatic Developments ...
At the beginning of the 21st century, most home buyers had never viewed a home online; the three top home sale marketing methods were yard signs, newspaper ads and open houses; and nearly nine out of 10 buyers financed their purchase with a fixed-rate, 30-year mortgage. What a difference a decade makes.
“The real estate industry has seen tremendous change and evolution over the past decade,” said NAR President Vicki Cox Golder, owner of Vicki L. Cox & Associates in Tucson, Ariz. “As the first, best source for real estate information, Realtors® have not only anticipated and adapted to the evolving needs of their clients and customers, but also have influenced industry trends and innovations that will carry us into the future.”
California median home price - November 09: $304,520
California highest median home price by CAR region November 09: Santa Barbara So. Coast $750,000 (Source: CAR)
California lowest median home price by CAR region November 09: High Desert $124,710 (Source: CAR)
California First-time Buyer Affordability Index - Third Quarter 2009: 64 percent (Source: CAR)
Conforming mortgage rates - week ending
% Fees/points: 0.7%
% Fees/points: 0.6% (Source: Freddie Mac)