The 2017 Venetian Islands Real Estate Market Update
The Performance of Venetian Islands Homes in 2017
The David Siddons Group has noticed a rapid increase of demand for Venetian islands homes. As this booming market seems to be getting a lot of buyers’ attention, we decided to take a look at last year’s sales to see how the market has been performing.
Whether you are you looking to sell or to buy a home on the Venetian Islands, this information will be useful. David Siddons, a top producing Miami real estate agent, shows you the numbers as well as actionable advice for sellers and buyers alike.
For more Miami Real Estate Market Trends and Forecasts please download the 2017 Miami Real Estate Report
Venetian Island Homes Sales in 2016 – 2017
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Venetian Islands Real Estate Market Performance
As can be seen from the table above, 24 homes were sold in the last 12 months (October ’16 till October ’17). Most of these homes were waterfront while only 7 were located on dry lots. The most exclusive homes can be found on the largest islands, which also offer the most waterfront lots: San Marino, Di Lido and Rivo Alto.
24 Homes sold in the last 12 months and 47 homes are currently active. This means we are seeing 23 months of inventory, which in the luxury market indicates a buyers market. Waterfront homes are experiencing 21 months of inventory, while dry lot homes show 27 months.
Venetian Island Home Prices in 2016 vs 2017
Venetian Island Sale Prices vs Listing Prices
Advice for Buyers
As can be seen from the information provided, the Venetian Islands are desired, but are experiencing a buyers market. The market has experienced a rapid increase in prices, while nowadays buyers are becoming more price conscious. We are now experiencing a moment of price corrections which is needed to stabilize the market. Looking at the difference between listing prices and sales prices (often as high as 23%), we see that many sellers are asking unjustified high prices that do not match the market values. After some months they often realize that their property will not sell. It is of the utmost importance that you use an agent who knows the market and the market prices. I feel very bullish with regards to the Venetian Island home market, but one should stay within the boundaries of what is considered market value. Contact me for more information at +1.305.508.0899
Advice for Sellers
Those who are looking to sell their property will notice that there is a lot of demand from the market. The key here is to price your property well. The market has increased significantly in value, but asking far above market is not recommended anymore. The market is seeing more price-conscious buyers who will not pay top Dollar anymore for homes that don’t have the features and finishes to justify that price. Fixer up homes are also highly in demand. Many of my clients are looking to build their dream home on the Venetian Islands and are willing to pay a good price for a great lot.
Contact me for more information on how the David Siddons Group will sell your home.