The Real Deal Los Angeles

Submarket Snapshot: Homes in Venice in Q1 2016

Home prices rose 6 percent

May 23, 2016 05:00PM
By Hannah Miet

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The Venice Canals

The Venice Canals

The average home price in Venice increased just over 6 percent in the first quarter of 2016, when compared with the same period last year. It clocked in at $1.9 million, according to a report by Halton Pardee + Patners, formerly Pardee Properties.

The average sale price per square foot increased by 7 percent to $1,108 per square foot.

Single-family homes made up 75 percent of what was sold in the quarters, while 10 percent was condo sales and 14 percent were income properties.

Year-to-date sales data shows that on average homes on the Westside sold at 96.5 percent of their original sales price as opposed to last year where they sold at 100.5 percent, the report said.

The report said this may indicate a flattening of the market in the second quarter and the remainder of the year.