The level of inventory of homes for sale of 100 homes in the City of Rancho Palos Verdes at the end of September is down about 17% compared to the end of September last year. The average number of homes sold per month over the last 3 months of 35 homes per month, is up 1% compared to the same 3 month period last year. Only 22 homes were sold in September, however, a 37% drop from the prior year but there are 39 homes in escrow at the end of September.
Average sold price: 1,378,000
The average list price of homes offered for sale of $2.0 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, 8% 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 97% of the original list price on average over the last 3 months.
With 100 homes currently for sale, and sales averaging 35 homes per month,there is currentlyalmost 3 months of inventory. The chart below is based upon the most recent months sales of only 22 homes.
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.