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City of Rancho Palos Verdes 2nd 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 June increased substantially to 95 homes, 25% higher than the same time last year. The monthly average number of properties sold during the last three months of 29 homes, however is down about 19% compared to the similar period last year . There are 45 homes in escrow at the end of the quarter forecasting improving sales. The number of months inventory is about 3 months of inventory.
 
 
       
  Jun. 14 May. 14 Curnt vs. Prev Month % Change Jun. 14 Jun. 13 Curnt vs. Same Month 1 Yr Ago % Change Apr. 14 to Jun. 14 Apr. 13 to Jun. 13 Curnt vs. Same Qtr 1 Yr Ago % Change
For Sale 95 83 14.5% 95 76 25% 83 65 27.7%
Sold 32 31 3.2% 32 40 -20% 29 36 -19.4%
Pended 45 38 18.4% 45 40 12.5% 37 40 -7.5%
 
 
 
 
 
 
Although sales activity has declined, the average price per sq. ft. of homes sold during the 2nd quarter of $504 per sq. ft.is up approx. 7% from last year.
 
 
 
 
       
  Jun. 14 May. 14 Curnt vs. Prev Month % Change Jun. 14 Jun. 13 Curnt vs. Same Month 1 Yr Ago % Change Apr. 14 to Jun. 14 Apr. 13 to Jun. 13 Curnt vs. Same Qtr 1 Yr Ago % Change
Avg. Sq. Ft. Price 481 513.4 -6.3% 481 477.1 0.8% 504.2 473.4 6.5%
 
 
 
 
 
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 95% of their list price.
 
 
The average list price of homes for sale at the end of the first quarter of approx. $1.8 million is 28% lower than the comparable time last year. The average sold price of $1.4 million during the quarter is up about 16% compared to the comparable quarte last year. The lower priced homes are still dominating the sales activity however.
 
 
 
 
       
  Jun. 14 May. 14 Curnt vs. Prev Month % Change Jun. 14 Jun. 13 Curnt vs. Same Month 1 Yr Ago % Change Apr. 14 to Jun. 14 Apr. 13 to Jun. 13 Curnt vs. Same Qtr 1 Yr Ago % Change
Avg. Active Price 1873 1949 -3.9% 1873 2590 -27.7% 1960 2661 -26.3%
Avg. Sold Price 1437 1616 -11.1% 1437 1252 14.8% 1444 1242 16.3%
 
 
With 95 homes listed for sale at the end of June, and sales averaging 29 homes sold per month, this equates to about 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 • July 26 2014 03:30PM

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