The level of inventory of homes for sale of 65 homes in the City of Rancho Palos Verdes at the end of March is up about 3% compared to the end of March last year. The average number of homes sold per month over the last 3 months of 20 homes per month, is down 19% compared to the same 3 month period last year. There are 39 homes in escrow at the end of March, however, showing strong recent sales activity.
The following are the 61 propeties sold in Rancho Palos Verdes during the 1st quarter of 2017:
The average list price of homes offered for sale of $2.5 million is now 5% 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, 7% lower than the comparable period last year. Lower priced homes have been selling faster than the higher priced homes.
Properties have been taking 1 to 2 months to sell and sold for 96% of the original list price on average over the last 3 months.
With 65 homes currently for sale, and sales averaging 20 homes per month,there is currently over 3 months of inventory. The chart below is based upon the most recent months sales of only 23 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.