The Trendline – Venice – June 2022
The MLS just dropped its May listings data last week and I’m seeing a continuation of interesting trends in Venice. Trendline says → market is shifting more in favor of sellers after a very long run for buyers.
Listings are up slightly month over month, but the bigger story told by the 12 month rolling average in the graph to the left tells a different story. Fewer listings in Venice over the last 12 months is contributing to an equilibrium in negotiating power between buyers and sellers.
Month over month, inventory is Venice is up slightly from 2.5 to 3.6 months, but again the 12 month rolling average 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 huge swing in sellers' advantage.
Prices are up dramatically in Venice, but this is to be expected when sellers are calling the shots again. This upward price trajectory is in line with broader Silicon Beach trends.
Properties are moving into escrow in about 25 days in Venice. This means you might get a second look at a Venice property before you make your offer (unlike other Silicon Beach communities), but you still need to stay proactive as a buyer in Venice.
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 a lot of 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. And with so many other choices in Venice right now, it’s a tall order to bring multiple buyers to the table to fight for your property.
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.
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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.
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.
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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!