The real estate market in the City of Rancho Palos Verdes appeares to be stabilizing .Inventory was down to only 82 homes listed for sale as of the end of the 3rd quarter, which is a 37% decrease from the comparable time last year. The monthly average number of properties sold during the last three months of 35 homes is about the same as the similar period last year . Their are 37 homes in escrow at the end of the quarter. The number of months inventory, based upon the monthly sales in September ,has also decreased to approx. 2 months of inventory.
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Sep. 12 |
Aug. 12 |
Curnt vs. Prev Month % Change |
Sep. 12 |
Sep. 11 |
Curnt vs. Same Month 1 Yr Ago % Change |
Jul. 12 to Sep. 12 |
Jul. 11 to Sep. 11 |
Curnt vs. Same Qtr 1 Yr Ago % Change |
| For Sale |
82 |
81 |
1.2% 
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82 |
131 |
-37.4%
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85 |
140 |
-39.3%
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| Sold |
41 |
35 |
17.1%
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41 |
27 |
51.9%
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35 |
34 |
2.9%
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| Pended |
37 |
35 |
5.7%
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37 |
25 |
48%
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36 |
33 |
9.1%
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The average price per sq. ft. of homes sold during the second quarter of $414 per sq. ft.is down approx. 6% from last year.
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Sep. 12 |
Aug. 12 |
Curnt vs. Prev Month % Change |
Sep. 12 |
Sep. 11 |
Curnt vs. Same Month 1 Yr Ago% Change |
Jul. 12 to Sep. 12 |
Jul. 11 to Sep. 11 |
Curnt vs. Same Qtr 1 Yr Ago % Change |
| Avg. Sq. Ft. Price |
418 |
408 |
2.4%
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418 |
477 |
-12.4%
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414 |
442 |
-6.3%
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As noted in the chart below, the amount of time to sell a home of 3 to 4 months has increased substantially over the last several months
increasing almost 22% compared to this comparable quarter last year. Properties are selling at an average of 93% of their list price.
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Sep. 12 |
Aug. 12 |
Curnt vs. Prev Month % Change |
Sep. 12 |
Sep. 11 |
Curnt vs. Same Month 1 Yr Ago % Change |
Jul. 12 to Sep. 12 |
Jul. 11 to Sep. 11 |
Curnt vs. Same Qtr 1 Yr Ago % Change |
| Days on Market |
100 |
106 |
-5.7%
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100 |
93 |
7.5%
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98 |
80 |
22.5%
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| Sold/Orig LP Diff. % |
93 |
93 |
0% |
93 |
91 |
2.2%
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93 |
92 |
1.1%
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The average list price of homes for sale during the third quarter of approx. $1.65 million is 12% lower than the comparable quarter last year. The average sold price of $1.1 million during the third quarter is 12% lower than the prior years 3rd quarter. This shows that sellers are pricing their homes more realistically, but that the lower priced homes are still dominating the sales activity.
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Sep. 12 |
Aug. 12 |
%Curnt vs. Prev Month Change |
Sep. 12 |
Sep. 11 |
%Curnt vs. Same Month 1 Yr Ago Change |
Jul. 12 to Sep. 12 |
Jul. 11 to Sep. 11 |
Curnt vs. Same Qtr 1 Yr Ago % Change |
| Avg. Active Price |
1655 |
1692 |
-2.2%
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1655 |
1871 |
-11.5%
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1667 |
1809 |
-7.8%
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| Avg. Sold Price |
1135 |
1152 |
-1.5%
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1135 |
1449 |
-21.7%
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1101 |
1182 |
-6.9%
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The number of months of unsold inventory of homes trended down this quarter and averaged less than 3 months of inventory.
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Combined with record low interest rates, now is an excellent time to consider buying a home.
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