Category: Newsletters

Happy Summer!

We hope you are staying healthy and feeling hopeful for good things to come this Summer and throughout 2021. We wanted to reach out and give you a brief update on our real estate market and what The Ritter Group has been up to the past several months.

What is Happening with the Real Estate Market?

To say we have a “hot” real estate market in the Venice area would be an understatement. The median sales price of residential property in the Venice market has increased a staggering 26% since January. Several factors are causing this rapid increase in prices: a 34% increase in the number of sales, a 76% decrease in inventory, a slowdown in new construction, a nationwide shortage of housing, and low interest rates. A “balanced market” would be one where the supply in the market (available inventory divided by the number of sales in the last 30 days) would be in the 4-6 month range. We currently have a 2 week supply in the Venice market – a historically strong seller’s market. Although buyers certainly face immense challenges in this highly competitive market, the experience for Seller’s has also never been so complicated. Sellers face some of the following challenges: