The level of inventory of homes for sale of 70 homes in the City of Rancho Palos Verdes at the end of January is up about the same compared to the end of January last year. The average number of homes sold per month over the last 3 months of 25 homes per month, is also about the same as the comparable 3 month period last year. There are 20 homes in escrow at the end of January .
The average list price of homes offered for sale of $2.1 million is now 8% 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% increase 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 months to sell and sold for 95% of the original list price
With 70 homes currently for sale, and sales averaging 25 homes per month,there is currently 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.