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.
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.
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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%
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476.2 |
460.5 |
3.4%
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490.2 |
443.8 |
10.5%
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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 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.
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.
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