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City of Rancho Palos Verdes 4th Qtr. 2014 Real Estate Market Report

The City of Rancho Palos Verdes real estate market has been relatively strong . The number of homes listed for sale at the end of December decreased to 69 homes from 120 homes for sale in July, but is still 28% higher than the same time last year. The monthly average number of properties sold during the last three months of 30 homes,  is up about 11% compared to the similar period last year . There are 28 homes in escrow at the end of the quarter . The number of months inventory is less than 3 months of inventory.

 
 
 
 
 
The average price per sq. ft. of homes sold during the 4th quarter of $487 per sq. ft.is down approx. 1% from last year.
 
 
 
 
 
 
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 93% of their list price.
 
 
The average list price of homes for sale at the end of the fourth quarter of approx. $2.5 million is 1% lower than the comparable time last year, however has increased steadily over the last 6 months since hitting a low point of $1.8 million in July. The average sold price of $1.3 million during the quarter is up about 1% compared to the comparable quarter last year. The lower priced homes are still dominating the sales activity however.
 
 
 
 
With 69 homes listed for sale at the end of December and sales averaging 30 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 market information , see market reports on my website.

 

 

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 • January 10 2015 04:49PM
City of Rancho Palos Verdes 4th Qtr. 2014 Real Estate Market Report
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