The single family home market for Rancho Palos Verdes has slowed considerably during the first quarter of 2019. The level of inventory of homes for sale of 119 homes in the City of Rancho Palos Verdes at the end of June is up about 18% compared to the end of June last year. The average number of homes sold per month over the last 3 months of 34 homes per month, is down 15% however compared to the same 3 month period last year. There are 39 homes in escrow at the end of June.
The average price per sq. ft. for homes sold in Rancho Palos Verdes over the last 3 months of $609 is down 1% over the comparable period last year.
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The average list price of homes offered for sale of $2.2 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 $1.6 million over the last 3 months, 2% lower than the comparable period last year. Lower priced homes have been selling faster than the higher priced homes.
 Properties have been taking about 1-2 month to sell and sold for 97% of the original list price on average over the last 3 months indicating an increasingly competitive market.
 With 119 homes currently for sale, and sales averaging 34 homes per month over the last quarter, there is currently about 4 months inventory . The chart below is based upon the most recent months sales
 Combined with continuing low interest rates, and rates rising 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.
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