Coldwell Banker: Venice & Marina del Rey Market Update

Venice is a small community that consist of 14,494 homes in an area that spans from the coast to east of Lincoln Blvd. While the lots are much larger east of Lincoln, it is perceived that the prime area is between Lincoln Blvd and the ocean. Venice sits on the edge of Silicon Beach. Silicon Beach is the Westside region of the Los Angeles metropolitan area that is home to over 500 tech startup companies. The region is considered the second- or third-largest tech hub in the world, according to various reports.

The average age of a resident of Venice is 37. 21% of which are married and only 2400 of these residence have children. This is definitely a mecca for the Millennials. While this is arguably one of the hottest markets on the west side, we are definitely seeing a cooling trend in the 3rd quarter.

In July Venice saw 22 home sold for a total of $38,909,000 at 101.10% of the original asking price. Homes were only on the market an average of 31 days. Comparing those numbers to September you will see a dramatic difference. In September we saw just 8 homes sold for a total $11,900,000 and only obtaining 96.8% of the original asking price. Additionally we saw homes on the market pop up to an average of 88 days.

Currently, Venice has 37 Active listings under $5,000,000 with an average of 58 days on the market. So far 4 homes have actually closed in October with 12 more showing pending and 18 in backup. With that many in escrow, we should be showing some improvement in November. However, based on the 3rd quarter trends and the flat activity for October would lead to the conclusion that this fast growing market is taking a breather and that should continue to years end.

By: Linda Black

#venice #marinadelrey