Venice Style E-Newsletter March 2008

VENICE REAL ESTATE MARKET UPDATE

FEBRUARY 2008 VENICE SALES

HOW DOES THIS COMPARE ???

Single family sales for February 2008 are up over 2007 in both number of homes sold and the total dollar sales volume. (This relationship is somewhat erroneous due to the fact that two additional homes sold in 2/07 that had no sales price reported and therefore were not factored into these figures.)

Average sale price is up significantly over last year; however, the price per square foot remains about the same as compared with last year and somewhat lower than 1/08.

Venice stats are difficult to analyse due to the small size of the data base and the wide variety in size and condition of the sold properties.

For a look of all of the Venice property sales by month since 1999, visit my web site at ../sa/index.html.

CALIFORNIA ASSOCIATION OF REALTORS REPORTS SALES DECREASE 28.5 PERCENT, MEDIAN HOME PRICE FALLS 26.2 PERCENT IN FEBRUARY

Home sales decreased 28.5 percent in February in California compared with the same period a year ago, while the median price of an existing home fell 26.2 percent, C.A.R. reported Monday.

The median price of an existing, single-family detached home in California during February 2008 was $409,240, a 26.2 percent decrease from the revised $554,280 median for February 2007, C.A.R. reported. The February 2008 median price fell 4.8 percent compared with January's revised $429,790 median price.

"Although sales rose for the fourth straight month in February by 9.5 percent compared to the previous month, they continue to be dragged down by the ongoing effects of both the credit/liquidity crunch and tighter underwriting standards that have reduced the pool of qualified buyers who can obtain a loan," said C.A.R. President William E. Brown.

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CALIFORNIA GOES SOLAR

"Go Solar, California!" has established the goal of creating 3,000 megawatts of new solar-powered electricity by 2017, or enough to power 1 million homes. This program will allocate $3.3 billion to businesses, homeowners, and builders who qualify for rebates and incentives if they install solar systems on their homes or commercial buildings. The California Energy Commission funds solar electricity systems on new homes; the California Public Utilities Commission funds solar electricity systems on existing businesses and homes.

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California highest median home price by C.A.R. region February 08: Santa Barbara So. Coast $1,295,000 (Source: C.A.R.)

California lowest median home price by C.A.R. region February 08: High Desert $220,380(Source: C.A.R.)

California First-time Buyer Affordability Index - Third Quarter 07: 33 percent (Source: C.A.R.)

Some home sellers waiting out unfavorable conditions may remodel instead ...

(MarketWatch) -- In order to sell a home in many places throughout the country, sellers need their homes to outshine the competition, must be very negotiable on price and be prepared for a months-long stretch on the market. It's enough to make some sellers sit this season out, waiting for conditions to improve.

But some homeowners will take it one step further, figuring that if they can't sell their home they might as well make it more comfortable during the time they're living in it.

(The New York Times) Affluent consumers increasingly are ensnared in the home mortgage crisis thanks to adjustable-rate mortgages they can’t refinance. Here’s what some are doing about it.