The level of inventory of homes for sale of 81 homes in the City of Rancho Palos Verdes at the end of February is up about 33% compared to the end of February last year. The average number of homes sold per month over the last 3 months of 22 homes per month, is the same as during the comparable 3 month period last year. There are 40 homes in escrow at the end of February, forecasting strong sales over the next two months .
The average list price of homes offered for sale of $2.1 million is now 16% lower than this time last year. The average price of homes sold has been much lower than the average list price of homes, averaging $1.4 million over the last 3 months, a 7% decrease over the comparable period last year.This indicates that the lower priced homes are selling faster than the higher priced homes.
Properties have been taking about 2 to 3 months to sell and sold for 93% of the original list price
With 81 homes currently for sale, and sales averaging 22 homes per month,there is currently approx. 4 months of inventory. The chart below is based upon the most recent months sales.
Combined with 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.