The Palos Verdes Estates real estate market continues to be relatively strong. The number of homes listed for sale at the end of March of 42 is a 2% increase over this time last year. The average number of homes sold per month during the first quarter 2015 increased 9% compared to last year's first quarter, averaging 12 sales per month. This equates to about 3-4 months of inventory. The number of homes in escrow at the end of March is 18 homes.
The average price per square foot over the last 3 months has been $784 per sq. ft., an increase of approx. 19% over the comparable period last year. There was a significant bump in the price per sq. ft. of the 9 homes sold in January to $1,143 psf, which has now declined to $627 psf in March.
The average days on market for homes sold during the 1st quarter 2015 was about 3 to 5 months. The percentage of original list price for homes sold is approx. 94%.
The average list price of homes for sale increased in March 2015 to approx. $3.0 million. The average sold price of approx. $2.4 million during the 1st quarter is approx. 18% higher than the comparable quarter last year. Normally, the lower priced homes are selling faster than the higher priced homes.
With 42 homes listed for sale at the end of March, and sales averaging 12 homes per month during the 1st quarter 2015, this equates to about 3-4 months of inventory.
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 additional Market reports, see Market Reports
on my website