The Trendline - Venice - January 2021
The MLS just dropped its December listings data and I'm seeing a continuation of interesting trends in Venice.
Most other Silicon Beach communities are experiencing a listings shortage, but Venice has seen an increasing number of new listings since the pandemic began.
In fact, Venice currently has more than 8 months of inventory for sale. This means, it would take 8 months to absorb the listings for sale today. Interestingly, the 6 month mark is typically considered a move into a "Buyers' Market," where the power shifts from Sellers to Buyers.
Prices are holding steady, despite the apparent shift in negotiating power.
And properties are still moving fairly quickly at just over 30 days on market.
Is Venice falling out of favor? There is definitely a statistical shift in the listings data starting in 2018.
By no means does this mean that you shouldn't buy or sell Venice real estate, but shifts call for different negotiating strategies.
What does this trendline mean for Venice home sellers? It means pricing needs to be watched very carefully. You won't want to hit the market too high or you will be overlooked with so many other choices. You should also consider a pre-listing inspection to get ready for inevitable repair requests. You'll need top tier photography and drone footage to set yourself apart from the competition.
If you're a Venice home buyer, you're in luck! You have choices, which is not the case in all Silicon Beach communities right now. You will still want to have your own dedicated buyers' agent and you will want to have your lender pre-approval in hand to be taken seriously, but you're in good shape to have your well-written offers taken seriously.
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All graphs present data for the last three years on a rolling 12-month average to smooth the bumps. Message me with questions. I can also generate custom graphs for most areas. Just ask!
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