The level of inventory of homes for sale of 108 homes in the City of Rancho Palos Verdes at the end of October is up about 25% compared to the end of October last year. The average number of homes sold per month over the last 3 months of 35 homes per month, is down 2% compared to the same 3 month period last year. There are 37 homes in escrow at the end of October.
The average list price of homes offered for sale of $2.0 million is now 7% 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, 7% higher than the comparable period last year. Lower priced homes have been selling faster than the higher priced homes.
Properties have been taking 2 to 3 months to sell and sold for 94% of the original list price
With 108 homes currently for sale, and sales averaging 35 homes per month,there is currently about 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.