The level of inventory of homes for sale of 116 homes in the City of Rancho Palos Verdes at the end of August is down about 11% compared to the end of August last year. The average number of homes sold per month over the last 3 months of 39 homes per month, is up 3% compared to the same 3 month period last year. There are 43 homes in escrow at the end of August.
The average list price of homes offered for sale of $1.9 million is now 1% higher than this time last year. The average price of homes sold has been much lower than the average list price of homes, averaging $1.5 million over the last 3 months, 12% higher than the comparable period last year. Lower priced homes have been selling faster than the higher priced homes, however the gap between average list price and average sales price has been narrowing steadily the last 3 months.
Properties have been taking 2 to 3 months to sell and sold for 95% of the original list price
With 116 homes currently for sale, and sales averaging 39 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.