The Palos Verdes Estates real estate market continues to be relatively strong. The number of homes listed for sale at the end of December has increased significatly to 43 homes for sale, a 63% increase over this time last year. The average number of homes sold per month during the fourth quarter 2014 decreased 14% compared to last year's fourth 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 December is 13 homes.
The average price per square foot over the last 3 months has been $715 per sq. ft., an increase of approx. 22% over the comparable period last year. There was a significant bump in the price per sq. ft. of the 13 homes sold in September to $827 psf, which has now declined to $622 psf in December.
The average days on market for homes sold during the 4th quarter 2014 was about 3 months. The percentage of original list price for homes sold is approx. 92%.
The average list price of homes for sale decreased in December 2014 to approx. $2.9 million. The average sold price of approx. $2.4 million during the 4th quarter is approx. 34% higher than the comparable quarter last year. Normally, the lower priced homes are selling faster than the higher priced homes.
With 43 homes listed for sale at the end of December, and sales averaging 12 homes per month during the 4th quarter 2014, this equates to about 3-4 months of inventory, but almost 5 months of inventory based upon the most recent months sales of 9 homes sold in December.
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
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