With rising interest rates and workers returning to their offices, the hot real estate market of the pandemic has officially cooled. In January 2022, we started off with mortgage interest rates around 2.5% and ended the year around 7%. As a direct result, the real estate market slowed and created a stalemate between buyers and sellers. Sellers still wish to capture the high sales prices of the COVID pandemic. However, more buyers are refusing to pay those prices at the higher mortgage rates. We enter 2023 waiting to see if economic factors will push prices down significantly.
VENETIA STATS BY DWELLING TYPE
Single Family Average Sales Price: $471,083
Waterfront Average Sales Price: $1,777,500
Condo Average Sales Price: $163,750
VENETIA FAST STATS
45 Days on Market. Properties sold 87% slower in 2022 compared to 24 days in 2021.
$231 Average Price Per Square Foot. The average price per square foot increased 15% from $201 in 2021.
22 Properties Sold Year To Date. 2022 saw a decrease in inventory sold – 28 properties sold in 2021.
0.9 Months of Available Inventory.
Current Listings: 2 Active Listings. 0 Pending Listings.
* All data is based on information from the NEFAR MLS as of 1-4-2023.
How did Venetia fare in previous years?
Check out the 2020 market report here.
Check out the 2019 market report here.
[…] Check out the 2022 market report here. […]