The City of Rancho Palos Verdes real estate market has been relatively strong but has slowed recently . The number of homes listed for sale at the end of June increased substantially to 95 homes, 25% higher than the same time last year. The monthly average number of properties sold during the last three months of 29 homes, however is down about 19% compared to the similar period last year . There are 45 homes in escrow at the end of the quarter forecasting improving sales. The number of months inventory is about 3 months of inventory.
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Although sales activity has declined, the average price per sq. ft. of homes sold during the 2nd quarter of $504 per sq. ft.is up approx. 7% from last year.
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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.
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The average list price of homes for sale at the end of the first quarter of approx. $1.8 million is 28% lower than the comparable time last year. The average sold price of $1.4 million during the quarter is up about 16% compared to the comparable quarte last year. The lower priced homes are still dominating the sales activity however.
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With 95 homes listed for sale at the end of June, and sales averaging 29 homes sold per month, this equates to about 3 months of inventory.
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Combined with continuing low interest rates, now is an excellent time to consider buying a home.
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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.
