The City of Rancho Palos Verdes real estate market has been very strong but slowed during the 4th quarter of 2013. The number of homes listed for sale at the end of December decreased substantially to 54 homes, 5% less than the same time last year. The monthly average number of properties sold during the last three months of 27 homes is also down about 13% compared to the similar period last year . There are only 24 homes in escrow at the end of the quarter. The number of months inventory has also decreased to about 2 months of inventory.

Dec. 13 Nov. 13 Curnt vs. Prev Month % Change Dec. 13 Dec. 12 Curnt vs. Same Month 1 Yr Ago % Change Oct. 13 to Dec. 13 Oct. 12 to Dec. 12 Curnt vs. Same Qtr 1 Yr Ago % Change
For Sale 54 77 -29.9%

54 57 -5.3%

72 65 10.8%

Sold 24 32 -25%

24 33 -27.3%

27 31 -12.9%

Pended 24 25 -4%

24 24 0% 25 33 -24.2%

Although sales activity has declined, the average price per sq. ft. of homes sold during the 4th quarter of $490 per sq. ft.is up approx. 11% from last year.
Dec. 13 Nov. 13 Curnt vs. Prev Month % Change Dec. 13 Dec. 12 Curnt vs. Same Month 1 Yr Ago % Change Oct. 13 to Dec. 13 Oct. 12 to Dec. 12 Curnt vs. Same Qtr 1 Yr Ago % Change
Avg. Sq. Ft. Price 476.2 516.2 -7.8%

476.2 460.5 3.4%

490.2 443.8 10.5%

As noted in the chart below, the amount of time to sell a home during the last quarter was 2 to 3 months . Properties are selling at an average of 95% of their list price.
The average list price of homes for sale at the end of the fourth quarter of approx. $2.5 million is 7% higher than the comparable time last year. The average sold price of $1.3 million during the quarter is up about 15% compared to the comparable quarte last year. The lower priced homes are still dominating the sales activity.

Dec. 13 Nov. 13 Curnt vs. Prev Month % Change Dec. 13 Dec. 12 Curnt vs. Same Month 1 Yr Ago % Change Oct. 13 to Dec. 13 Oct. 12 to Dec. 12 Curnt vs. Same Qtr 1 Yr Ago % Change
Avg. Active Price 2478 2628 -5.7%

2478 2307 7.4%

2547 2020 26.1%

Avg. Sold Price 1399 1383 1.2%

1399 1291 8.4%

1296 1126 15.1%

The number of months of unsold inventory of homes remained low this quarter and averaged less than 2 months of inventory.
Combined with record low interest rates, now is an excellent time to consider buying a home.

For more information about Palos Verdes and South Bay Real Estate and buying and selling a home on the Palos Verdes Peninsula, visit my website at https://www.maureenmegowan.com . I try to make this the best real estate web blog in the South Bay Los Angeles and the Palos Verdes Peninsula. I would love to hear your comments or suggestions.