City of Rancho Palos Verdes April 2015 Real Estate Market Report

The level of inventory of homes for sale of 91 homes in the City of Rancho Palos Verdes at the end of April is up about 26% compared to the end of April last year. The average number of homes sold per month over the last 3 months of 30 homes per month, is up 36% compared to the same 3 month period last year. There are 45 homes in escrow at the end of April, forecasting strong sales over the next two months .

The following is a list of the 36 homes sold during the month of April 2015:

The average price per sq. ft. for homes sold in Rancho Palos Verdes over the last 3 months of $548 which is approx. 9% higherr than the comparable period last year.

The average list price of homes offered for sale of $2.1 million is now 5% lower than this time last year. The average price of homes sold has been much lower than the average list price of homes, averaging $1.3 million over the last 3 months. This indicates that the lower priced homes are selling faster than the higher priced homes. Properties have been taking about 2 to 3 months to sell and sold for 99% of the original list price With 91 homes currently for sale, and sales averaging 30 homes per month,there is currently approx. 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.