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City of Rancho Palos Verdes 2nd Quarter 2012 Real Estate Market Report

The real estate market in the City of Rancho Palos Verdes appeares to be stabilizing .Inventory was down to only 89 homes listed for sale as of the end of the 1st quarter, but has increased to 109 homes at the end of the second quarter, which is still a 21% decrease from the comparable time last year.  The monthly average number of properties sold during the last three months of 28 homes is the same as the similar period last year . The number of homes in escrow increased substantially at the end of the quarter with 44 homes in escrow. The number of months inventory, based upon the average monthly sales over the last 3 months ,has also increased to approx. 4 months of inventory.

 
 
 
 
 
 
 
 
 
       
  Jun. 12 May. 12 Curnt vs. Prev Month % Change Jun. 12 Jun. 11 Curnt vs. Same Month 1 Yr Ago % Change Apr. 12 to Jun. 12 Apr. 11 to Jun. 11 Curnt vs. Same Qtr 1 Yr Ago % Change
For Sale 109 96 13.5% 109 138 -21% 98 150 -34.7%
Sold 29 27 7.4% 29 32 -9.4% 28 28 0%    
Pended 44 26 69.2% 44 39 12.8% 32 35 -8.6%
 
 
 
 
The average price per sq. ft. of homes sold during the second quarter of $441 per sq. ft.is up approx. 4% from last year.
 
 
 
 
 
 
 
 
 
 
 
 
       
  Jun. 12 May. 12 Curnt vs. Prev Month % Change Jun. 12 Jun. 11 Curnt vs. Same Month 1 Yr Ago % Change Apr. 12 to Jun. 12 Apr. 11 to Jun. 11 Curnt vs. Same Qtr 1 Yr Ago % Change
Avg. Sq. Ft. Price 413 460 -10.2% 413 417 -1% 441 422 4.4%
 
 
 
As noted in the chart below,  the amount of time to sell a home has increased substantially over the last several months
increasing almost 30% compared to this comparable quarter last year.  Properties are selling at an average of 94% of their list price.
 
    
 
 
 
 
 
 
       
  Jun. 12 May. 12 Curnt vs. Prev Month % Change Jun. 12 Jun. 11 Curnt vs. Same Month 1 Yr Ago % Change Apr. 12 to Jun. 12 Apr. 11 to Jun. 11 Curnt vs. Same Qtr 1 Yr Ago % Change
Days on Market 76 73 4.1% 76 54 40.7% 88 68 29.4%
Sold/Orig LP Diff. % 93 95 -2.1% 93 94 -1.1% 94 93 1.1%
 
The average list price of homes for sale during the second quarter of approx. $1.54 million is 14% lower than the comparable quarter last year. The average sold price of $1.2 million during the second quarter is 12% higher than the prior years 2nd quarter. This shows that sellers are pricing their homes more realistically, but that the lower priced homes are still dominating the sales activity.
 
 
 
 
 
 
       
  Jun. 12 May. 12 Curnt vs. Prev Month % Change Jun. 12 Jun. 11 Curnt vs. Same Month 1 Yr Ago % Change Apr. 12 to Jun. 12 Apr. 11 to Jun. 11 Curnt vs. Same Qtr 1 Yr Ago % Change
Avg. Active Price 1604 1435 11.8% 1604 1837 -12.7% 1547 1807 -14.4%
Avg. Sold Price 1171 1248 -6.2% 1171 1074 9% 1203 1071 12.3%
The number of months of unsold inventory of homes trended up this quarter due to the increase in the number of
homes for sale, but still averaged less than 4 months of inventory, a 35% decrease over last year.
 
 
 
 
 
       
  Jun. 12 May. 12 Curnt vs. Prev Month % Change Jun. 12 Jun. 11 Curnt vs. Same Month 1 Yr Ago % Change Apr. 12 to Jun. 12 Apr. 11 to Jun. 11 Curnt vs. Same Qtr 1 Yr Ago % Change
Months of Inventory (Closed Sales) 3.8 3.6 5.7% 3.8 4.3 -12.8% 3.5 5.4 -34.7%
 
Combined with record 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 • July 23 2012 04:39PM

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