Hendricks Isle and Isle of Venice Market Analysis: Year Over Year Town Homes and Condos

Hendricks Isle and Isle of Venice

Year over year CONDO MEDIAN Closed Sale Price DECLINED slightly to $855,000 from $856,000 but AVERAGE Closed Sale Price DECLINED 17% to $855,313 from 1,035,886, and DECLINED by LIVING (area) 8% to $346.72 from $377.90.

Average Days on Market INCLINED to 133 from 103; Average Discount (from last list price) INCLINED to 11% from 31%; sales closed UNDER AVERAGE VALUE (by Price and by Living) DECLINED to 50% from 83%.

Closing frequency INCLINED—eight closed sales trail-12, six closed sales trailing months 24 to 13 (two closed sales trail-six months, two closed sales trail-three months).  Pending Sales: 52 (Median $1,379,400, Average Price $1,481.273, Living $525.79, Under Average Value 60%).

Year over year TOWN HOME MEDIAN Closed Sale Price DECLINED 15% to $936,950 from $1,100,000 and AVERAGE Closed Sale Price DECLINED 17% to $934,600 from 1,128,889, and DECLINED by LIVING (area) 14% to $279.80 from $326.34.

Average Days on Market INCLINED to 83 from 72; Average Discount (from last list price) remained 4% ; sales closed UNDER AVERAGE VALUE (by Price and by Living) DECLINED to 42% from 59%.

Closing frequency DECLINED—four closed sales trail-12, nine closed sales trailing months 24 to 13 (three closed sales trail-six months, one closed sale trail-three months).  Pending sales: one (Price $949,000, Living $348.64)

Year over year Annual Condo and Town Home RENT DECLINED 13% to $47,067 from $53,840 which DECLINED the Price/Rent Ratio to 18.17 from 19.24 for Condos and 20.97 to 19.86 for Town Homes.

MACRO Trend Line Post-Trough-Low Closed Sale Price/LIVING for Condos INCLINE $200 (LOW $133 Mar’10) to $240 (last closed sale $300 Aug’15); for Town Homes DECLINE $330 (LOW $189 May’13) to $290 (last closed sale $264 Sep’15).

Micro Data RANK CONDO Value by closed sales TRAIL-60 months by LIVING/CONDO: (1) Aria $379; (2) 45 Hendricks $367; (3) Landings $338; (4) Club $321; (5) Meritage $298; (6) des Arts $225; (7) Terraces $223.

Micro Data RANK TOWN HOMES Value by closed sales TRAIL-60 months by LIVING/DOCK-FACE: (1) East $332—seven closed sales; (2) West $318—24 closed sales.