There are 65 homes listed for sale in the City of Palos Verdes Estates at the end of August, which is 62% higher than this time a year ago. The number of homes sold over the last 3 months, averaging 17 sales per month, is down 15% compared to the same period last year . This equates to 3-4 months of inventory, based on the average sales per month over the last 3 months. There are only 8 homes in escrow at the end of August.
The following is a list of the 16 homes sold in the City of Palos Verdes Estates during the month of August 2016:
The average price per square foot over the last 3 months has been $811 per sq. ft. an 8% increase over the similar period last year.
The average days on market for homes sold during last 3 months was about 2 to 3 months. The percentage of list price for homes sold is approx. 94%.
The average list price of homes for sale at the end of August is approx. $3.8 million. This is about the same as a year ago. The average sold price of approx. $2.6 million during the last three months is 11% higher than the comparable 3 months last year but fluctuates widely during the year depending on the size of the home sold.
With 65 homes listed for sale at the end of August and average sales per month over the last 3 months of 17 homes sold, equates to 3-4 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.