The Trendline – Venice – August 2022
The MLS just dropped its July listings data earlier this week and I’m seeing a continuation of interesting trends in Venice. Trendline says → market is continuing its shift in favor of sellers after a very long run for buyers in Venice.
New listings have fallen off a cliff in Venice! June showed a 20% drop. July is more like a 50% drop from June's lower numbers. We are definitely below pre-pandemic numbers. This means fewer choices for buyers in Venice.
Month over month, inventory in Venice was up by a fraction of a month, but the 12 month rolling average shown at right says supply is decidedly down. 4-6 months is neutral territory. Buying and selling power in Venice is more equal than other Silicon Beach communities, but even "neutral" is a big swing in sellers' advantage in this Silicon Beach community. Notice that inventory in Venice is way BELOW pre-pandemic levels.
Closed sale prices were down again in Venice month over month, and this time it was enough to pull the 12 month rolling average (shown left) down a tick. Notice that the prices are still crazy high from pre-pandemic times. Demand for Venice properties is keeping prices high.
Month over month, properties in Venice are on the market for about 15-16 days. This means you might get a second look at a Venice property before you make your offer (unlike other Silicon Beach communities). I was even able to get clients in to see a couple of more expensive properties 3x recently, but as can be seen by the rolling average in the graph, days on market are shorter and shorter in Venice. This is not the graph you want to see going down if you're a buyer.
Sellers are finding their footing again in Venice. It's been a long haul for sellers in this Silicon Beach community.
Venice is moving at a faster pace. Rejoice, sellers!
Venice CA 90291 Home Sellers
What does this trendline mean for Venice home sellers? There are still choices available for buyers in Venice and pricing needs to be watched very carefully. You won’t want to hit the market too high or you may be overlooked. You should also consider a pre-listing inspection to get ready for inevitable repair requests. You’ll need top-tier photography, drone footage and a super aggressive social media strategy to set yourself apart from the competition.
Make sure your listing agent is completely comfortable with digital and social media marketing to get your listing and its story in front of as many potential buyers as possible. More buyers falling in love with your property means more buyers vying for ownership at the offer table.
Don’t fall into the trap of picking a listing agent who has “been around a long time.” I went to a listing appointment last year and was told the sellers liked me and my approach, but wanted to go with the agent who’d been around longer and promised to list higher than I was recommending.
Guess whose charming home on a large corner lot was on the market for 236 days and subject to two price reductions? Let’s just say I never see that agent on social media. Planting a sign in the front yard, putting the listing on the MLS and hoping real hard to find buyers is not working in Venice. If you have a property to sell in Venice right now, you deserve better. You deserve an edge.
FIND OUT IN 30 SECONDS WHAT YOUR HOME IS WORTH
Venice CA 90291 Home Buyers
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, although the overall trend is fewer choices for Venice buyers, so don't sit on the sidelines if you want to buy in Venice. Get in now while buyers still have some negotiating power.
Pro tip #1 for Venice home buyers: don’t use the listing agent to submit your offer. The listing agent’s first allegiance will be to his or her seller and the odds are against you getting your best deal. You want your own advocate who understands the current state of play in Venice and can push the right buttons to get you your best deal.
Pro tip #2 for Venice home buyers: you need to have your lender pre-approval in hand to have your offer taken seriously. Properties are moving relatively quickly in Venice so solid, well-written and documented offers will be recognized by listing agents and sellers as coming from a buyer and agent who can get escrow closed without a ton of drama. Reasonable repair requests should be entertained by Venice home sellers.
GET TEXT ALERTS FOR OFF-MARKET OPPORTUNITIES
Want to talk about a Venice home buying or Venice home selling strategy? Grab a convenient time for you on our calendar and let’s strategize!
The data shown is also for single-family homes. If you want condo or combined data for Venice CA 90291, or custom graphs for other areas, just ask!