City of Rancho Palos Verdes 1st Qtr 2018 Real Estate Market Report

The level of inventory of hom2s for sale of 66 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 29 homes per month, is up 23% compared to the same 3 month period last year. There are 47 homes in escrow at the end of March.

The following are the 75 propeties sold in Rancho Palos Verdes during the 1sr quarter of 2018:

The average price per sq. ft. for homes sold in Rancho Palos Verdes over the last 3 months of $575 is up 2% over the comparable period last year.

The average list price of homes offered for sale of $2.3 million is now 10% lower than this time last year. The average price of homes sold has been much lower than the average list price of homes, averaging $1.5 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 to 2 months to sell and sold for 97% 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 25 homes per month, there is currently a bit over 2.5 months inventory . The chart below is based upon the most recent months sales of 30 homes. Combined with low interest rates, now is an excellent time to consider buying a home. For other market reports for the Palos Verdes Peninsula, go to Market Reports on my website.