The level of inventory of homes for sale of 106 homes in the City of Rancho Palos Verdes at the end of July is down about 12% compared to the end of July last year. The average number of homes sold per month over the last 3 months of 40 homes per month, is up 8% compared to the same 3 month period last year. There are 37 homes in escrow at the end of July.
The average list price of homes offered for sale of $1.8 million is now 4% higher 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, 1% lower than the comparable period last year. This indicates that the lower priced homes are selling faster than the higher priced homes.
Properties have been taking a bit over 2 months to sell and sold for 96% of the original list price
With 106 homes currently for sale, and sales averaging 40 homes per month,there is currently between 2 to 3 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.