Real Estate Market

Featured Listing

Featured Listing

For Sale: $269,000

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The Nick Flerlage Venice Area Real Estate Update:

Local Market Housing Report

Note: National Association of Realtors® (NAR) data shown below is from April (most current national data)

 

A persistently low supply of existing homes available for sale slowed April's sales velocity, resulting in a 29-day median number of days that a home remained on the market, a new low according to the National Association of Realtors®.

 

Total existing-home sales (completed transactions for single-family homes, townhomes, condominiums and co-ops), fell 2.3% to a seasonally adjusted annual rate of 5.57 million in April from 5.70 million in March. Despite the decline, sales remain 1.6% higher than a year ago and represent the fourth highest pace for the last 12 months.

Existing Home Sales By Region

 

NAR's chief economist, Lawrence Yun, said that every major region except the Midwest saw a drop in existing sales in April. "Last month's dip in closings was somewhat expected given that there was such a strong sales increase in March at 4.2 percent, and new and existing inventory is not keeping up with the fast pace homes are coming off the market," Yun said. "Demand is easily outstripping supply in most of the country and it's stymieing many prospective buyers from finding a home to purchase."

 

Housing Data Takeaways

 

April's median existing-home price (all housing types) was $244,800, up 6.0% from the same time last year ($230,900). Price gains in April represent 62 consecutive months of year-over-year growth.

 

Total housing inventory nationally at the end of April rose 7.2% to 1.93 million existing homes available for sale, and is 9.0% below one year ago (2.12 million) and has dropped year-over-year for 23 straight months. Nationally, unsold inventory offers a 4.2-month supply at the current sales pace,  down from 4.6 months a year ago.  

 

Freddie Mac data shows the average commitment rate for a 30-year, conventional, fixed-rate mortgage fell for the first time in six months, dipping to 4.05% in April from 4.20% in March. For all of 2016, the average commitment rate was 3.65 percent.


 

Venice Housing Market Statistics

Median Home Price: $349,000

3 Bedrooms/2 Bathrooms

Average Square Footage: 1,967

Price per Square Foot:  $171

Number of Homes on the Market: 520


 

Summer Selling Opportunities

Sellers, you have an excellent opportunity to sell your home this season if you have the right pricing strategy in place from the start! Studies show that the longer a property stays on the market, the less the seller will net upon the sale. It is very important to price your property at a competitive market value at the signing of your listing contract. The market today in many places is so competitive that even over-pricing by a few thousand dollars could mean that your house will not sell as soon as it could.

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An Overpriced Home:

· Minimizes offers

· Lowers agents response

· Limits qualified buyers

· Lowers showings

· Lowers prospects

· Limits financing

· Wastes advertising dollars

· Nets less for the seller

 

 

When you are ready, contact us today for a personal market value analysis of your home. No hassles or obligation - just honest advice on how to get top dollar for your home!


 

Explore Amazing Dining throughout the Suncoast!

Fill your bellies with the most delicious food the Suncoast has to offer during Savor Sarasota Restaurant Week! Mark your calendars for Thursday, June 1st, through Wednesday, June 14th, for this spectacular event of feasting!

 

Restaurants throughout the Suncoast will be presenting their delicious food at incredible prices! And, with the highest concentration in Florida of top Zagat®-rated restaurants, you will surely enjoy every bite! Participating restaurants will be offering special multi-course meals during Savor Sarasota. Enjoy lunch for $16 per person or dinner for $32 per person! Whether you love seafood, Italian, Peruvian, French, or some other world cuisine, there is a restaurant in Sarasota, Siesta Key, or Venice that will strike your fancy! Click HERE for a list of the 75 Savor Sarasota restaurants and to view their menus. With prices this low and two full weeks to try them, be sure to check out more than one great restaurant during this fun annual foodie event.

 

The Nick Flerlage Team wishes everyone happy dining during this year’s Savor Sarasota!  


Image Credit: Savor Sarasota  


Contact Information

Flerlage Real Estate Group
RE/MAX Alliance Group
1314 B East Venice Ave
Venice FL 34285
941-882-2229
Fax: 941-244-5354