Maureen Megowan's Blog


Rancho Palos Verdes 1st Qtr. 2016 Real Estate Market Report

The City of Rancho Palos Verdes real estate market has been relatively strong . The number of homes listed for sale at the end of March increased to 81 homes and is 1% higher than the same time last year. The monthly average number of properties sold during the last three months of 25 homes,  is also up about 1% compared to the similar period last year. There are 44 homes in escrow at the end of the quarter, however.There is about 3 months of inventory.

The average price per sq. ft. of homes sold during the 1st quarter of $550 per sq. ft. is up approx. 7% from last year.
As noted in the chart below, the amount of time to sell a home during the last quarter was 2 months . Properties are selling at an average of 96% of their list price.
The average list price of homes for sale at the end of the first quarter of approx. $2.5 million is 13% higher than the comparable time last year. The average sold price of $1.5 million during the quarter is up 25% compared to the comparable quarter last year. The lower priced homes are still dominating the sales activity however.
With 81 homes listed for sale at the end of March and sales averaging 25 homes sold per month over the last quarter, this equates to between 3 and 4 months of inventory. The chart below is based upon only the most recent month's sales.
Combined with continuing low interest rates, now is an excellent time to consider buying a home. For more market information , see market reports on my website.



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 . 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.

Comment balloon 0 commentsMaureen Megowan • April 11 2016 04:08PM


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