The level of inventory of homes for sale of 81 homes in the City of Rancho Palos Verdes at the end of April is down about 11% compared to the end of April last year. The average number of homes sold per month over the last 3 months of 28 homes per month, is down 16% compared to the same 3 month period last year. There are 43 homes in escrow at the end of April.
The average list price of homes offered for sale of $2.4 million is now 16% 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, 10% 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 95% of the original list price
With 81 homes currently for sale, and sales averaging 28 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.