There are 48 homes listed homes listed for sale in the City of Palos Verdes Estates at the end of January, which is 9% greater than this time a year ago. The number of homes sold over the last 3 months, averaging 11 sales per month, is up 10% compared to the same period last year . This equates to a bit over 4 months of inventory, based on the average sales per month over the last 3 months, historically very low.There are 16 homes in escrow at the end of January. Properly priced homes are often receiving multiple offers in this market.
The following is a list of the 7 homes sold in the City of Palos Verdes Estates during the month of January 2016:
The average price per square foot over the last 3 months has been $642 per sq. ft., a decrease of approx. 22% over the comparable period last year.
The average days on market for homes sold during last 3 months was about 2-3 months. The percentage of list price for homes sold is approx. 95%.
The average list price of homes for sale at the end of January is approx. $4 million. This is 41% higher than a year ago. The average sold price of approx. $1.8 million during the last three months is 29% lower than the comparable 3 months last year.
With 48 homes listed for sale at the end of January, and average sales per month over the last 3 months of 11 homes sold, this equates to a bit over 4 months of inventory. The following chart of months of inventory is based upon the most recent month's sales.
With the current record low interest rates and the stabilized market, now is an excellent time to purchase a home in Palos Verdes Estates.For other market reports for the Palos Verdes Peninsula, go to Market Reports on my website.