Sam Hague's Blog: Venice Market Activity Reports

Well, the most recent housing market statistics are in and all over the print and electronic media...and causing all manner of conversation.
The story this month is that in the Sarasota/Bradenton market, home sales increased by 16% over last April and the median price (the median is the number where half of the prices are more and half are less)  dropped by 2%.
Our regular readers and customers already knew what happened in Venice, and they knew it in the first week of May.  In fact, in Venice, the median price has risen 10% and sales are off 10%... just the opposite of what is being reported for the greater Sarasota area.

REVIEW TIME

For our new readers, a brief review is in order.  We are always working to assist and educate our customers when it…

     There was a great article in last Friday's (1/26/07) Venice Tribune Review by Stephen Frater (article).  It was on the front page, above the fold, full headline stating "Home sales' pulse strengthens".  Mr. Frater's piece was well written, informative,  well sourced and contained a number of remarks from prominent local, statewide and national industry professionals.  While the information contained therein does not necessarily describe a return to the days of wine and roses, it was very realistic and quite frankly, refreshing in its lack of a doom and gloom overtone.  Kudos to you Mr. Frater. 

     It also reminded me of an article that I wrote for my first quarter 2006 Venice Real Estate Advisor Newsletter. That entire article follows:

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The next installment in our look back at the local real estate market with final 2006 figures will be our look at how the market performed each month compared to the same month in the prior year.  Click on the image at the left for a large look at the Median Single Family Home sales presented in this manner. The media is fond of quoting the changes in the median prices using this comparison method.  Looking at January 2006, which showed a little residual upward momentum, and forecasting what January 2007 will most likely look like, one can only hope that the newsies do not choose these figures (or even a quarter that includes January) for one of their beloved banner headlines touting the end of the world as we  know it.  The good news is that even if they…

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…

Venice Area Multiple Listing Service (MLS)

1553 Single Family Homes/Active

57  Single Family Homes/Sold 12/1/06 - 12/31/06

850 Condos/Active

22 Condos/Sold (12/1/06 - 12/31/06)

90 Expires Listings  (12/1/06 - 12/31/06)

73 Withdrawn Listings (12/1/06 - 12/31/06)

As you can see, our inventory remains a historical high levels for both Single Family Homes as well as Condominiums, both at over twice the number that this market has typically seen.

Properties that care coming off the market without selling also remain at historical highs. 

We will be posting our comprehensive Market Activity Report later today.