FY 2006 Market Activity Report
Posted Jan 4, 2007 @ 8:58 pm, Viewed by 457 Visitors, Read 457 Times.As Promised, we will now begin to post the final 2006 Venice real estate market activity reports. We prepare these reports using data from the Venice Area MLS. This data is aggregated into a spreadsheet and we use it to educate our customers on the current activity in the Venice Market. Click on the graphic below for the first of our series of exclusive market monitors :
Median Home Prices '03 to '06
As the data we have been tracking clearly shows
- this is not a "normal" period in the history of our market, and
- in this dynamic time and place, being able to make effective decisions on pricing, with
- the knowledge of what the market is currently doing...
...is an invaluable tool that we provide exclusively to our customers. There are currently 34 'areas' in the Venice MLS. All of the graphics and statistics we post here reflect these areas. Our customers receive this same information, with an additional data series depicting the activity in the specific area(s) where their property is located. Remember the 3 most important words in real estate? Location, Location and Location! It is nice that the local, state and national media report statistics, but be careful of what you see and hear. In an upcoming post we will be discussing some of what and how they report (what a metropolitan statistical area is, besides A: the smallest area that the media generally reports on, and B: an area much larger than can be effectively used to forecast and determine an opinion of value...today) and in turn, help you to understand what the reports in the media mean and where they come from.
We will be posting some of the many other reports that we track in the coming days, and will be providing this information every month, usually several days after the end of the month. Do not hesitate to contact us for an exclusive report for YOUR area today!
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Yes, and quite frankly, it cannot happen too soon. As you can see, year over year, the median price was flat. Everyone wins when the market is balanced and right now, our inventory is too high. Now the news stories are all doom and gloom because the month over prior year/same month stats are alarming double digit decreases (which I will be showing later today) We are now an area getting attiontion for all the wrong reasons, but while we are looking at perhaps giving back some of the recent gains, the equity most have is in no jeopardy, (unless yu bought since '03) People need us now more that ever to educate them.
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Sam, I like the graph you have used here. That type of appreciation scares me. You are in an area that the media thinks of as a hotspot. Do you see home values beginning to level off in '07?