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City of Rancho Palos Verdes June 2016 Real Estate Market Report

The level of inventory of homes for sale of 114 homes in the City of Rancho Palos Verdes at the end of June is up about 13% compared to the end of June last year. The average number of homes sold per month over the last 3 months of 41 homes per month, is up 2% compared to the same 3 month period last year. There are 43 homes in escrow at the end of June.

 
 
 
The following is a list of the 56 homes sold during the month of June 2016:

 

Average sold price: 1,292,000

Median sold price: 1,297,000

 
 
 
The average price per sq. ft. for homes sold in Rancho Palos Verdes over the last 3 months of $543 about the same from the comparable period last year.
 
 
The average list price of homes offered for sale of $2.1 million is now 12% 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, 2% lower than the comparable period last year. Lower priced homes have been selling faster than the higher priced homes.
 
 
 
 
 
 
 
Properties have been taking 2 months to sell and sold for 98% of the original list price on average over the last 3 months.
 
 
With 114 homes currently for sale, and sales averaging 41 homes per month,there is currently between  2 and 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 other market reports for the Palos Verdes Peninsula, go to 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 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.

Comment balloon 0 commentsMaureen Megowan • July 19 2016 01:17PM

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