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City of Rancho Palos Verdes 1st Qtr. 2014 Real Estate Market Report

The City of Rancho Palos Verdes real estate market has been relatively strong but has slowed recently . The number of homes listed for sale at the end of March increased substantially to 67 homes, 22% higher than the same time last year. The monthly average number of properties sold during the last three months of 24 homes, however is down about 25% compared to the similar period last year . There are 36 homes in escrow at the end of the quarter forecasting improving sales. The number of months inventory is about 2 to 3 months of inventory.
 
 
       
  Mar. 14 Feb. 14 Curnt vs. Prev Month % Change Mar. 14 Mar. 13 Curnt vs. Same Month 1 Yr Ago % Change Jan. 14 to Mar. 14 Jan. 13 to Mar. 13 Curnt vs. Same Qtr 1 Yr Ago % Change
For Sale 67 60 11.7% 67 55 21.8% 64 54 18.5%
Sold 28 15 86.7% 28 40 -30% 24 32 -25%
Pended 36 19 89.5% 36 36 0% 25 37 -32.4%
 
 
 
 
 
Although sales activity has declined, the average price per sq. ft. of homes sold during the 1st quarter of $503 per sq. ft.is up approx. 18% from last year.
 
 
 
 
       
  Mar. 14 Feb. 14 Curnt vs. Prev Month % Change Mar. 14 Mar. 13 Curnt vs. Same Month 1 Yr Ago % Change Jan. 14 to Mar. 14 Jan. 13 to Mar. 13 Curnt vs. Same Qtr 1 Yr Ago% Change
Avg. Sq. Ft. Price 521.2 435.2 19.8% 521.2 428.4 21.7% 503.1 427.5 17.7%
 
 
 
 
As noted in the chart below, the amount of time to sell a home during the last quarter was 2 to 3 months . Properties are selling at an average of 94% of their list price.
 
 
The average list price of homes for sale at the end of the first quarter of approx. $2.3 million is 16% lower than the comparable time last year. The average sold price of $1.4 million during the quarter is up about 28% compared to the comparable quarte last year. The lower priced homes are still dominating the sales activity however.
 
 
 
       
  Mar. 14 Feb. 14 Curnt vs. Prev Month % Change Mar. 14 Mar. 13 Curnt vs. Same Month 1 Yr Ago % Change Jan. 14 to Mar. 14 Jan. 13 to Mar. 13 Curnt vs. Same Qtr 1 Yr Ago % Change
Avg. Active Price 2320 2559 -9.3% 2320 2779 -16.5% 2477 2559 -3.2%
Avg. Sold Price 1350 1178 14.6% 1350 1125 20% 1424 1117 27.5%
 
 
With 67 homes listed for sale at the end of March, and sales averaging 24 homes sold per month, this equates to less than 3 months of inventory.
 
 
 
 
 
 
Combined with continuing low interest rates, now is an excellent time to consider buying a home.

 

 

For more information about Palos Verdes and South Bay Real Estate and buying and selling a home on the Palos Verdes Peninsula, visit my website at http://www.maureenmegowan.com . I try to make this the best real estate web blog in the South Bay Los Angeles and the Palos Verdes Peninsula. I would love to hear your comments or suggestions.

Comment balloon 0 commentsMaureen Megowan • April 12 2014 02:02PM
City of Rancho Palos Verdes 1st Qtr. 2014 Real Estate Market Report
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