Happy Fall!!
Dear Friends, Family, & Colleagues:
We hope you and yours are remaining healthy and hopeful during this challenging year. We typically mail an end of summer postcard to all of our contacts, however, we have decided to send an occasional email newsletter to stay in touch with you.
Housing Update and Economic Trends
August 2020 continued a trend of declining inventory and high sales in the Venice area, fueling an already strong seller’s market. While the COVID-19 crisis slowed activity dramatically in March and April, the real estate market has rebounded in a big way. While the number of sales is only down 4.5% from this same time last year, the number of available homes has dropped by more than 35%. Inventory in the Venice area has reached its lowest levels in more than a decade, while at the same time the number of homes sold during that period is near record highs. As one might expect, the median sale price for homes in the Venice area is up 4.2% so far in 2020. Sales have been strongest in the single family home segment where median sale prices are up 6.6% so far in 2020, compared to only 1% for multi-family properties.
