The level of inventory of homes for sale of 58 homes in the City of Rancho Palos Verdes at the end of December is down about 3% compared to the end of December last year. The average number of homes sold per month over the last 3 months of 29 homes per month, is down 23% compared to the same 3 month period last year. There are 24 homes in escrow at the end of December.
The following are the 86 propeties sold in Rancho Palos Verdes during the 4th quarter of 2017:
The average list price of homes offered for sale of $2.4 million is now 9% higher than this time last year. The average price of homes sold has been much lower than the average list price of homes, averaging $1.6 million over the last 3 months, 9% higher than the comparable period last year. Lower priced homes have been selling faster than the higher priced homes.
Properties have been taking about 1 to 2 months to sell and sold for 95% of the original list price on average over the last 3 months showing a very strong market.
With 58 homes currently for sale, and sales averaging 29 homes per month,there is currently 2 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.