VENICE QUARTERLY MARKET REPORT
CJ COLE, MICHAEL GRADY, AND ALEX QUAD
Venice 4th Quarter Sales Volume Declines 50% from 2021
Venice 4th Quarter Sales Volume Declines 50% from 2021
Sixty-two single-family homes were sold between August 1 and September 30, 2022, fourteen fewer (-18.4%) than the corresponding quarter of 2021 and twenty-three fewer (-27%) than last quarter.
The Venice single-family home total sales volume for the third quarter 2022 ($155,364,899) decreased 32.0% vs the second quarter 2022 ($228,535,002) and decreased (17.6%) vs the third quarter 2021 ($188,464,721).
The average sales price ($2,490,903) for single-family homes in Venice for this quarter declined 8.8% compared to the figures for last quarter ($2,729,791) and 0.6% compared to the third quarter of 2021 ($2,506,788)
The third quarter 2022 average price per square foot ($1,313) showed a slight decline when compared to last quarter's $1,318 (0.6%) and last year's $1,312 (.06%).
(The above figures are taken from my stats which are derived from combining the sales reported via the local MLS (CLAW) with the sales recorded on the tax records via CoreLogic
The inventory of homes for sale at the end of the third quarter declined when compared to the last quarter and a year ago. At the end of the September, the MLS reported 102 homes listed for sale, which is 10 fewer (8.9%) than at the end of June 2022 and 43 fewer (29.7%) than a year ago. There were 17 homes under contract at the end of the third quarter, which is 6 fewer (26.1%) than at the end of the second quarter and 11 fewer (39.3%) than a year ago.
It took an average of 40 days to sell the homes that close in third quarter of 2022 (days on market). This number was 37.9% longer than the last quarter (29 days) and 2.4% shorter than a year ago (41 days). The current inventory supply (as reported by the MLS) is 6.0 months... this is up 20% over the figures at the end of last quarter and a year ago (5.0) months..
ALEX QUID
[email protected]
310.717.1054 | LIC. #01838631
CJ COLE
[email protected]
310.773.6945 | LIC. #00960322
MICHAEL GRADY
[email protected]
310.995.8774 | LIC. #01505317
Clients directly benefit from the Michael Grady Group’s level of involvement and passion for the Los Angeles and Beach Cities market, along with their ever expanding professional network.
