Venice Bits

The average interest rate on a 30 year mortgage dropped to a record low of 4.71% last week. Unbelievable!!  Buyers took advantage of the rates and it is reflected in the closing numbers for November. 

November closed with total units sold of 100 and total volume of $18,056,451 as compared to 2008 units sold of 63 and a total volume of $11,627,230.  The median price in 2009 was $144,250 and average price of $180,565.  For 2008 the median price was $150,000 and average price $184,559.  For 2009 there were 57 cash closings, 24 conventional, 10 FHA, 4 VA and 5 other.  For 2008 there were 32 cash, 22 conventional, 5 FHA and 4 other.   

Our market is starting to sizzle. I'm very excited by the buyer interest this early in December.   December is usually a quiet month before the arrival of the January snowbirds, but it seems the buyers arrived and the  rush is already on.  The usually vast inventory of homes is narrowing down, but there are still many good buys.  Early Jan. will bring in many new listings, but how competitive will sellers be. That remains to be seen.

The Island is decorated for the Holidays and don't forget the Thursday night strolls in town where shops remain open later during the evening.  Our Holiday Boat Parade was this past Saturday and it was grand.  It is always the best event of the season.  Have a great December !