My brother’s favorite house in Venice, a Greene and Greene craftsman style home originally built in 1935 and previously the residence of songwriter Jerry Leiber, who died of cardio-pulmonary failure in August 2011, is on the market. You’re probably going to need to dip into your rainy-day fund in order to afford it because it’s listed at $10.85 million. That’s Ten Million Eight-hundred Fifty Thousand and xx/00 Dollars when you’re filling out the check. (related: does anyone still write checks?)
Jeff Marino sent in this month’s report:
Venice Housing Market Update for June 2014
By Redfin agent Matt Jones
The Greater Los Angeles real estate market appears to be stabilizing while Venice remains a seller’s market. Across all of L.A., the:
- median sale price showed no change from May, holding steady at $475,000;
- number of homes sold declined a scant 0.9%; and
- total homes for sale increased 2.0% since May and a significant 13.7% since June of last year.
Most L.A.-area buyers are cheering the return of a balanced market. But Venice is special, as everybody knows.
Here’s how the Venice real estate market looked in June, according to real estate brokerage, Redfin:
- The median sale price increased 12% since May and is now $1.62M (16% higher than one year ago).
- 4% more homes were sold in Venice than last May; 33% more than last year.
- The number of single-family homes for sale tumbled 4% from May, which means Venice inventory remains 10% lower than one year ago.
Some super high-tier homes ($2M plus range) are sitting on the market a little longer. But for the most part, competitively priced homes are selling very quickly.
Some Venice homeowners are concerned they will not be able to afford to find a suitable replacement home (dare they say, “upgrade”?) given the past price increases across all of the Southland. Affluent beach communities like Venice will almost always be the last to cool off. But that means right now could be great timing to sell if you are looking to move inland to one of the markets that has already showed signs of stabilizing.
Jeffery Marino at Redfin contacted us about the idea of running monthly stats on the local housing market, and given that we are big fans of numbers and chart porn, we agreed. Here’s Jeffery’s wrap up for May 2014:
The latest real estate data is in from real estate brokerage Redfin, and it looks like Venice is still pretty darn hot compared with the greater L.A. area.
In May, the median sale price for all of L.A. was $475,000 – a 10.5% increase over last year. While this price appreciation is significant, it’s nowhere near the highs seen in mid-2013. L.A. as a whole also saw inventory increase by about 15% from last year.
In Venice the median sale price was $1,427,500, which is 21.5% higher than in May of last year! A significant portion – 43.8% – of Venice homes sold above their listing price and homes spent an average of just 13 days on the market in May.
This all likely has a lot to do with the fact that Venice is still suffering from low housing inventory. There were 17.6% fewer homes for sale in May compared with the same time last year.
So, while things are leveling out for the rest of So Cal, Venice remains a tough market for buyers. But hey, demand is always high to live in the coolest city in L.A.
You can check out Redfin’s full report here – but the Venice data is exclusive to Yo! Venice!
Tomorrow 10:00 AM to 5:00 PM is the 21st Annual Venice Garden and Home Tour, a fundraising event to benefit the Neighborhood Youth Association. This year’s tour of 30 houses will center on the Walk Streets, including those cool sidewalk-only streets that run between Lincoln and Abbot Kinney, great areas to wander around and get away from the traffic and noise of LA. Start location is at the NYA, (map), and (non-refundable) tickets can be bought for $60 in advance or $70 tomorrow.
Check out Steve Christensen’s pictures from last year’s tour!