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City of Rancho Palos Verdes February 2012 Single Family Real Estate Market Report

The real estate market in the City of Rancho Palos Verdes has been very active, with sales strong and inventory down through the end of the year. Sales decreased significantly in January, however, to 15 homes sold, about half of the number sold in the previous 2 months, but sales improved to 22 homes sold in February, an iincrease of 46% over February 2011.The level of inventory of homes for sale is down significantly with the average number of homes for sale over the last 3 months having decreased approx. 20% over the comparable period last year. The monthly average number of properties sold during the last three months compared to the similar period last year has gone up almost 10%. The average monthly number of homes in escrow during the last 3 months has increased 37% over the comparable period last year and is up at the end of February forecasting increased sales in March 

 

 
 
 
 
 
  Feb. 12 vs Jan. 12 % Change Feb. 12 vs Feb. 11 % Change Dec. 11 to Feb. 12 vs. Dec. 10 to Feb. 11 % Change
For Sale 96 103 -6.8% 96 131 -26.7%              98              122 -19.7%
Sold 22 15 46.7% 22 15 46.7%              23               21 9.5%
Pended 32 27 18.5% 32 17 88.2%              26               19 36.8%
 
 
 
 
 
 
The average price per sq. ft. for homes sold in Rancho Palos Verdes over the last 3 months is down approx.
5% over the comparable period last year.
 
 
 
 
 
 
  Feb. 12 vs Jan. 12 % Change Feb. 12 vs. Feb. 11 % Change Dec. 11 to Feb. 12 vs. Dec. 10 to Feb. 11 % Change
Avg. Sq. Ft. Price

412

427 -3.5% 412 486 -15.4% 418 442 -5.3%
 
 
 
 
It has been taking an average of 3 to 4 months to sell a home in Rancho Palos Verdes. Properties are selling for
approx. 91% of list price
 
 
       
  Feb. 12 vs.Jan. 12 % Change Feb. 12 vs. Feb. 11 % Change Dec. 11 to Feb. 12 vs. Dec. 10 to Feb. 11 % Change
Days on Market 124 92 34.8% 124 94 31.9% 115 70 64.3%
Sold/Orig LP Diff. % 93 93 0%     93 94 -1.1% 91 93 -2.2%
 
 
 
 
 
 
The average list price of homes offered for sale has trended downwards the last two months but is approx. the same
as the comparable 3 month period last year.  The average price of homes sold, however, has been much lower than
the average list price of homes, which means that the lower priced homes are moving faster.
 
 
  Feb. 12 vs. Jan. 12 % Change Feb. 12 vs. Feb. 11 % Change Dec. 11 to Feb. 12

vs. Dec. 10 to Feb. 11

% Change
Avg. Active Price 1688 1770 -4.6% 1688 1850 -8.8% 1815 1812 0.2%
Avg. Sold Price 993 1146 -13.4% 993 1301 -23.7% 1214 1117 8.7%
 
 
 
 
 
The number of months inventory, based upon the average monthly sales over the last 3 months ,has also decreased to approx. 4 months of inventory, historically very low
 
 
 
 
  Feb. 12 vs. Jan. 12 % Change Feb. 12 vs. Feb. 11 % Change Dec. 11 to Feb. 12 vs. Dec. 10 to Feb. 11 % Change
Months of Inventory (Closed Sales) 4.4 6.9 -36.5% 4.4 8.7 -50% 4.3 5.8 -26.7%
 
 
 
 
 
The following is a list of the 22 homes sold during the month of February 2012:
 
Address                Sales Price Bd Bth Sqft $/Sq  Yr.Built   ML#    Sold Date   Days on Market
 

4068 Miraleste DR          $770,000 3 3.00 1,890 $407.41 1960 11570555    2/28/12              80

4 Stirrup RD                    $945,000 4 4.00 2,800 $337.50 1956 V11096543 2/22/12             199

2251 Daladier DR         $1,110,000 4 4.00 3,125 $355.20 1972 V11159478 2/01/12              54

3134 Corinna DR             $849,000 3 2.00 1,898 $447.31 1962 V11145625 2/03/12              81

1 W Pomegranate RD       $560,000 2 2.00 1,958 $286.01 1953 V12002714 2/26/12             83

3508 Vigilance DR             $865,000 4 3.00 2,406 $359.52 1964 V12009069 2/08/12             48

5521 S Palos Verdes DR$1,255,000 2 2.00 2,210 $567.87 1952 V11098478 2/27/12            207

24 Nuvola CT                 $1,825,000 5 5.00 4,244 $430.02 1998 V10047275 2/06/12            644

30855 Via La Cresta      $1,400,000 5 3.00 3,309 $423.09 1968 V10110724 2/15/12            489

30055 Avenida Elegante$1,570,000 5 4.00 3,400 $461.76 1966 S11092425 2/14/12            169

6908 Alta Vista DR         $1,935,000 5 5.00 5,384 $359.40 1986 S12002340 2/14/12              9

27907 Centuria                $985,000 4 2.00 1,972 $499.49 1962 S11145706 2/01/12             79

5050 Golden Arrow DR     $925,000 4 3.00 2,447 $378.01 1967 V12009754 2/29/12              23

5019 Rockvalley RD       $1,080,000 4 3.00 2,784 $387.93 1966 V12002398 2/29/12              55

26519 Basswood             $670,000 3 2.00 1,358 $493.37 1956 V11093000 2/01/12              98

26950 Springcreek RD      $699,000 3 2.00 1,442 $484.74 1960 V12003384 2/21/12              10

26937 Basswood AV          $793,500 4 2.00 1,659 $478.30 1958 S11146762 2/06/12            105

27102 Grayslake RD          $829,000 3 2.00 1,395 $594.27 1959 V12005099 2/16/12             12

5357 Bayridge RD             $979,000 4 2.00 1,628 $601.35 1956 V12003724 2/01/12             14

1940 Avenida Feliciano      $530,000 4 3.00 2,182 $242.90 1961 P797725      2/01/12             92

28607 N Enrose AV            $600,000 4 2.00 1,649 $363.86 1957 S11142732 2/09/12             68

2119 W Macarthur ST        $685,000 4 2.00 1,962 $349.13 1957 S11142355 2/20/12             113

 

Average                           $993,614 4.0 2.80 2,414 $423                                         124 
 
 
Combined with record low interest rates, now is an excellent time to consider buying a home.
 
For other market reports for the Palos Verdes Peninsula, go to Market Reports on my website.
 
For a good article on the issues relating to the strengthening real estate market Real Estate Values.

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 • March 08 2012 02:44PM

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