City of Rancho Palos Verdes August 2016 Real Estate Market Report

The level of inventory of homes for sale of 120 homes in the City of Rancho Palos Verdes at the end of Augustis up about 3% compared to the end of August last year. The average number of homes sold per month over the last 3 months of 46 homes per month, is up 17% compared to the same 3 month period last year. There are 39 homes in escrow at the end of August.

The following is a list of the 40 homes sold during the month of August 2016:

Average sold price: 1,400,830

The average price per sq. ft. for homes sold in Rancho Palos Verdes over the last 3 months of $549 is about the same as the comparable period last year.

The average list price of homes offered for sale of $2.0 million is now 3% higher than this time last year. The average price of homes sold has been much lower than the average list price of homes, averaging $1.4 million over the last 3 months, 11% lower than the comparable period last year. Lower priced homes have been selling faster than the higher priced homes. Properties have been taking 2 months to sell and sold for 98% of the original list price on average over the last 3 months. With 120 homes currently for sale, and sales averaging 46 homes per month,there is currently between 2 and 3 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.