The level of inventory of homes for sale of 101 homes in the City of Rancho Palos Verdes at the end of June is up about10% compared to the end of June last year. The average number of homes sold per month over the last 3 months of 40 homes per month, is down 4% however compared to the same 3 month period last year. There are 43 homes in escrow at the end of June.
The following are the 121 propeties sold in Rancho Palos Verdes during the 2nd quarter of 2018:
The average list price of homes offered for sale of $2.3 million is now 7% lower than this time last year. The average price of homes sold has been much lower than the average list price of homes, averaging $1.7 million over the last 3 months, 12% 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 month to sell and sold for 98% of the original list price on average over the last 3 months showing a very strong market.
With 101 homes currently for sale, and sales averaging 40 homes per month, there is currently about 3 months
inventory . The chart below is based upon the most recent months sales of 30 homes.
Combined with continuig low interest rates, and rates rising 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.