City of Rancho Palos Verdes August 2015 Real Estate Market Report

The level of inventory of homes for sale of 116 homes in the City of Rancho Palos Verdes at the end of Augustis downabout 11% compared to the end of Augustlast year. The average number of homes sold per month over the last 3 months of 39 homes per month, is up 3% compared to the same3 month period last year. There are 43 homes in escrow at the end of August.

The following is a list of the 29 homes sold during the month of August2015:

The average price per sq. ft. for homes sold in Rancho Palos Verdes over the last 3 months of $545 which is approx. 7% higher than the comparable period last year.

The average list price of homes offered for sale of $1.9 million is now 1% higher 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% higherthan the comparable period last year. Lower priced homes have beenselling faster than the higher priced homes, however the gap between average list price and average sales price has been narrowing steadily the last 3 months. Properties have been taking 2 to 3months to sell and sold for 95% of the original list price With 116 homes currently for sale, and sales averaging 39 homes per month,there is currently between 2 to3 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.