The single family home market for Palos Verdes Estates began to slow significantly during the 3rd quarter of 2018. There are 61 homes listed for sale in the City of Palos Verdes Estates at the end of September , which is 9% higher than this time a year ago. The number of homes sold over the last 3 months, averaging 16 sales per month, is 6% lower compared to the same period last year . This equates to almost 4 months of inventory, based on the average sales per month over the last 3 months. There are only 12 homes in escrow at the end of September, with contingencies waived.
The average price per square foot over the last 3 months has been $723 per sq. ft. a 1% decrease over the similar period last year.
The average days on market for homes sold during the quarter was 1 to 2 months. The percentage of list price for homes sold is approx. 97%.
The average list price of homes for sale at the end of September is approx. $4.3 million. This is about a 6% increase from a year ago. The average sold price of approx. $2.1 million during the last three months is 3% lower than the comparable 3 months last year . This shows that the lower priced homes are moving faster.
With 61 homes listed for sale at the end of September and average sales per month over the last 3 months of 16 homes sold, equates to about 4 months of inventory. The following chart of months of inventory is based upon the most recent month's sales of only 11 homes.
With the current relatively low interest rates and the stabilized market, now is an excellent time to purchase a home in Palos Verdes Estates.For other market reports for the Palos Verdes Peninsula, go to Market Reports on my website.