Submarket Snapshot: Homes in Venice in Q1 2016

Home prices rose 6 percent

May.May 23, 2016 05:00 PM

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.

Related Articles

1600 E. Venice Boulevard (Credit: iStock)

Prolific developer Wiseman Residential eyes another resi complex in hot Venice

Airbnb's Brian Chesky and Mike Bonin, LA city councilman for Venice

LA’s new Airbnb rules may price out some short-term renters in beach towns

Joel Silver, Hal Sadoff, and 1601 S. Main Street

Joel Silver-led production company sells old post office in Venice

No love in Venice for landlord’s apartment-to-hotel conversion plan

Two-Buck Chuck time: Venice set to get first Trader Joe’s

Despite discounts, Snap Inc. struggles to sublease Venice properties

Affordable housing developers plan 140-unit project in Venice

Landmark effort could upend Jay Penske’s plan to convert Venice church