City of Rancho Palos Verdes October 2015 Real Estate Market Report

The level of inventory of homes for sale of 108 homes in the City of Rancho Palos Verdes at the end of October is up about 25% compared to the end of October last year. The average number of homes sold per month over the last 3 months of 35 homes per month, is down 2% compared to the same 3 month period last year. There are 37 homes in escrow at the end of October.

The following is a list of the 39 homes sold during the month of October 2015:

The average price per sq. ft. for homes sold in Rancho Palos Verdes over the last 3 months of $524 which is approx. 1% higher than the comparable period last year.

The average list price of homes offered for sale of $2.0 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 $1.4 million over the last 3 months, 7% higher than the comparable period last year. Lower priced homes have been selling faster than the higher priced homes. Properties have been taking 2 to 3 months to sell and sold for 94% of the original list price With 108 homes currently for sale, and sales averaging 35 homes per month,there is currently about 3 months of inventory. The chart below is based upon the most recent months sales. 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.