MARCH . 2012
the pulse of what's happening and what's
new with Venice real estate
VENICE REAL ESTATE MARKET UPDATE
FEBRUARY VENICE SALES ...
See below for a list of all of the properties sold in Venice during February 2012 and the charts showing the comparisons.
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.
VIEW THE VENICE PROPERTY SALES FOR THE PAST 13 YEARS
SINGLE FAMILY SALES COMPARED WITH LAST MONTH AND A YEAR AGO ...
STATS SHOW INCREASES OVER LAST MONTH AND LAST YEAR ... Eight Venice single family homes sold in February, the same number as last month but double the number in February last year. Home prices averaged $1,254,315, up 8.5% over January and 26% above a year ago. Price per square foot was up 10% and 8.5% respectively.
CURRENT INVENTORY AS COMPARED WITH THE PROPERTIES IN ESCROW AND SOLD IN FEBRUARY ...
As of March 7th there are 52 single family homes actively listed for sale on the Multiple Listing Service ... the same as last month. The number of homes in escrow increased by one to 26. The average days on market (DOM) for active listings remained the same at 73 and the average DOM for listings in escrow decreased by 1 day to an average of 81 days.
The average list price for the active listings is $1,564,958 ... a decrease of 4% from last month and 25% higher than the average sales price in February. Of the 52 current listings, 28 (54%) are listed below February's average sale price of $1,226,000 and 24 (46%) are listed above that average sale price. The average list price for the homes in escrow is $1,394,708 ... 13% higher than February's average sales price and 11% lower than the average list price of the active listings.
Of the 52 active single family homes 3 are short pays. This remained the same as a month ago. Four short pay and 2 bank owned homes are currently in escrow
There is one active bank-owned condo and 2 short pay condos in escrow. One bank-owned and one short pay Income properties are actively listed; 4 short pay and 3 bank-owned are in escrow.
SALES STATS FOR THE LAST YEAR COMPARED BY MONTH ...
VIEW MORE STATS & GRAPHS ON OUR FACEBOOK PAGE
RECEIVED A NICE COMPLIMENT ...
Last month we received a great compliment via an email from our web site VENICE BEACH LIVING ...
"I'm an appraiser (Laguna Beach) specializing in litigation, and my research often leads me to local brokers with web sites featuring their area knowledge and expertise. Yours is the best I've ever seen. A wealth of information, and very well-designed. Unfortunately, I'm not in the market for property in Venice, but if I was, I'd certainly come to you guys. Kudos."
Michael ... Thanks for the nice words.
FOUR STEPS TO BUYING A HOUSE IN 2012 ...
Q: I am on a mission to buy a home. I've wanted to own a home my entire life, and thought I would miss the opportunity to buy while the market was down, because I had no real savings when the market crashed. I think I'm ready, though, and prices still seem low. What should I be doing now to make this happen in 2012?
CLICK TO DOWNLOAD THE ANSWER
WHAT YOU CAN DO TO STAGE YOUR HOME TO SELL ...
Today's buyers are looking for turnkey homes. That is, they want to move right in without having to do a lot of work. Buyers with busy lifestyles pay a premium for listings that are in prime condition. Staging can make the difference between a listing selling or not, the time it takes to sell, and the ultimate sale price.
FABULOUS CANAL FRONT HOME ... OPEN SUNDAY 1-4 PM ... STOP BY AND SAY "HI" !!!
217 Linnie Canal . Venice Canals
In one of LA's most sought-after neighborhoods ... the Venice Canals ... this peaceful waterfront retreat is just 2-3 blocks to all the action on Abbot Kinney & Venice Beach + the weekly Farmer's Market! Beautifully updated, the open first floor spaces extend to an oversized sunny south-facing outdoor oasis ... a spacious deck with built-in BBQ, a delightful garden + a permitted boat dock ... an entertainer's dream! There are 3 bedrooms + 2 baths up and a media room/4th bedroom + bath down! What a Life!!!
DOWNLOAD THE BROCHURE
DOWNLOAD THE MLS SHEET
FIND US ON FACEBOOK ...
We have just launched our Venice Beach Living facebook page and invite you to Become a Fan on Facebook. You will find timely Venice news ... what's happening in the community and with Venice real estate. Hope you "like" it and visit often. Thanks ... CJ & Jay.
Our page is located at http://facebook.com/VeniceBeachLiving.
FAST FACTS ...
California median home price - January 2012: $268,280
California highest median home price by CAR region/county January 2012: Marin: $736,410 (Source: CAR)
California lowest median home price by CAR region/county January 2012: Tehama $110,000 (Source: CAR)
California Pending Home Sales Index - January 2012: 102.4, an increase from the revised 93.1 recorded in January 2011. (Source: CAR)
California Traditional Housing Affordability Index - Fourth quarter 2011: 55 percent (Source: CAR)
Conforming mortgage rates - week ending 2/16/2012
30-yr. fixed: 3.90% Fees/points: 0.8%
3.17% Fees/points: 0.8%
2.72% Fees/points: 0.6% (Source: Freddie Mac)
Please keep us in mind when you have family, friends or associates who are
thinking of buying or selling a home ... We'd love to help them achieve their dream !!!
Thanks ... CJ & Jay
CJ COLE, BROKER
Venice Beach Living
Phone: 310.823.3129 . 310.773.6945
Web Site: venicebeachliving.com