There are 48 homes listed for sale in the City of Palos Verdes Estates at the end of March , which is 7% lower than this time a year ago. The number of homes sold over the last 3 months, averaging 14 sales per month, is 20% lower compared to the same period last year . This equates to a bit over 3 months of inventory, based on the average sales per month over the last 3 months. There are 16 homes in escrow at the end of March with contingencies waived.
The following are the 41 properties sold in Palos Verdes Estates during the 1st quarter of 2017:
The average price per square foot over the last 3 months has been $736 per sq. ft. a 1% increase over the similar period last year.
The average days on market for homes sold during last 3 months was about 2 months. The percentage of list price for homes sold is approx. 94%.
The average list price of homes for sale at the end of March is approx. $4.2 million. This is about a 8% increase from a year ago. The average sold price of approx. $2.1 million during the last three months is 8% lower than the comparable 3 months last year . This shows that the lower priced homes are moving faster.
With 48 homes listed for sale at the end of March and average sales per month over the last 3 months of 14 homes sold, equates to a bit over 3 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.