🏡 December 2023 Luxury Real Estate Market Update & Trends for Venice 🌟
🏡 December 2023 Luxury Real Estate Market Update & Trends for Venice 🌟
🔻 Avg Sales Price: $2.47 million, 📉 down 16%
🔻 Avg List Price $3.70 million, 📉 down 2%
🔻 Properties Sold: 7 , 📉 down 46%
🔼 Days on Market: 69 📆, 📈 UP 22%. Act fast!
🔻 $/Sq FT: $1,284, 📉 down 5%
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Venice Beach, a name synonymous with Muscle Beach, artistic flair, and a laid-back beach lifestyle, is more than just a popular spot on the Westside—it's a unique real estate haven.
December in Venice Beach: Market Dynamics
December, often seen as a tranquil month, brought some intriguing shifts in the Venice Beach real estate market. Here's a snapshot:
Average Sales Price: $2.47 million, marking a 16% decrease from the previous quarter. This indicates a slight cooling in the market, presenting opportunities for buyers.
Average List Price: Approximately $3.7 million, down by 2%. A recent sale at this price point—a modern house on a 4,000-square-foot lot—reflects the high value of Venice properties.
Properties Sold: Just seven properties changed hands this December, a significant 46% drop from the past 90 days. This reduction in sales volume could signal a more competitive market for unique properties.
Market Time: Properties are spending an average of 69 days on the market, up by 22%. This longer market time is typical in Venice, where buyers often deliberate carefully to find their perfect beachside haven.
Price Per Square Foot: $1,284, a decrease of about 5%. Even with this dip, the value per square foot remains robust, underscoring Venice's appeal.
Venice Beach: A Magnet for the Artistic and Cool
Venice has always been a magnet for artists and those seeking a vibrant, beachy lifestyle. This unique demographic shapes the real estate market here, where properties are not just structures but embodiments of a lifestyle that blends urban cool with beachside serenity.
What This Means for You
Whether you're a potential buyer, a curious onlooker, or a seasoned investor, these numbers tell a story of a dynamic market in one of Southern California's most iconic locations. The slight dip in prices and longer market times could be your window of opportunity to own a piece of this eclectic community.
Looking Ahead
As we step into the new year, keep an eye on Venice Beach. This area, just south of Santa Monica, continues to be a coveted spot for those who appreciate its unique blend of artistic energy and coastal living. Will the market heat up with the summer sun, or will these trends continue? Only time will tell.
For more insights and updates on Venice Beach and other exclusive Southern California real estate markets, stay tuned. And remember, in the world of luxury real estate, every move is a significant step in crafting your life story.