The Trendline - Venice - March 2021
The MLS just dropped its February listings data and I'm seeing a continuation of interesting trends in Venice. Trendline says → solid buyers' market.
Most other Silicon Beach communities are experiencing a listings shortage, but Venice continues to see an increasing number of new listings since the pandemic began.
In fact, Venice continues to have more than 8 months of inventory for sale. This means, it would take 8 months to absorb the listings for sale today. 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. Looks like last month's price dip was an aberration.
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.
Venice CA 90291 Home Sellers
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.
You'll also want a listing agent who 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. 💰
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 for Venice home buyers #1: 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 for Venice home buyers #2: you will still want 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.
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!
All graphs presented herein show data for the last five years on a rolling 12-month average to smooth the bumps. 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!
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