City of Rancho Palos Verdes February 2013 Single Family Real Estate Market Report

ByMaureen Megowan Knowledge

The real estate market in the City of Rancho Palos Verdes has been very active, with sales strong and inventory down . The level of inventory of homes for sale of56 homes is down significantly with the average number of homes for sale having decreased approx. 47% compared to the end ofFebruary last year. The average number of homes sold per month over the last 3 months of 30homes per month, is 30% higher than the comparable 3 month period last year. There are 35 homes in escrow at the end of February. Click here for a current search of homes for Sale in Rancho Palos Verdes. Scroll down to see entire report.

Feb. 13 Jan. 13 % Change Curnt vs. Prev Month Feb. 13 Feb. 12 % Change Curnt vs. Same Month 1 Yr Ago Dec. 12 to Feb. 13 Dec. 11 to Feb. 12 % Change Curnt vs. Same Qtr 1 Yr Ago
For Sale 56 48 16.7% 56 97 -42.3% 53 99 -46.5%
Sold 24 33 -27.3% 24 22 9.1% 30 23 30.4%
Pended 35 40 -12.5% 35 28 25% 33 24 37.5%
The following is a list of the24homes sold during the month ofFebruary 2013:

Address Sales Price Bd Bth Sqft $/Sq Yr.Built ML# Sold Date Days on Market

3303 Palo Vista DR $2,828,000 6 7.00 12,841 $220.23 1992 SB13018384 2/27/13 15

28058 Braidwood $1,060,000 4 3.00 2,143 $494.63 1964 V12072615 2/06/13 104

6837 Verde Ridge RD $1,150,000 5 4.00 2,788 $412.48 1972 SB12139371 2/06/13 23

29500 Oceanport RD $840,000 3 3.00 2,052 $409.36 1964 PV12152219 2/01/13 24

5814 Scotwood DR $1,090,000 4 3.00 2,545 $428.29 1964 PV12133701 2/19/13 195

6415 Seabryn DR $1,525,000 4 3.00 2,890 $527.68 1970 V12122130 2/20/13 126

27773 Hawthorne BL $700,000 3 2.00 1,442 $485.44 1959 S12057236 2/28/13 170

5560 Littlebow $764,300 3 2.00 1,472 $519.23 1958 PV12144301 2/05/13 56

1952 Trudie DR $710,000 3 2.00 1,448 $490.33 1950 PV13001843 2/28/13 48

28025 Calzada DR $710,000 4 2.00 1,864 $380.90 1959 S12123702 2/26/13 125

28652 Roan RD $841,000 3 3.00 2,168 $387.92 1959 SB12129046 2/01/13 70

61 Rockinghorse RD $849,000 4 4.00 2,864 $296.44 1966 S11093900 2/28/13 517

2255 Sparta DR $860,000 3 2.00 1,958 $439.22 1959 V12085361 2/01/13 161

2418 Colt RD $885,000 3 3.00 2,419 $365.85 1959 S10095443 2/21/13 383

6 Mustang RD $885,000 3 2.00 1,991 $444.50 1956 IN12139098 2/27/13 184

29069 Palos Verdes DR E $960,000 4 3.00 2,745 $349.73 1965 PV12140181 2/27/13 110

27961 Palos Verdes DR E $1,040,000 5 6.00 3,941 $263.89 1964 S12118856 2/21/13 34

6508 Via Colinita $1,138,000 4 4.00 3,289 $346.00 1969 V12116715 2/27/13 139

3158 Crownview DR $1,400,900 3 3.00 2,632 $532.26 1972 PV13011454 2/28/13 29

3439 Corinna DR $950,000 4 2.00 2,018 $470.76 1961 PV12129976 2/24/13 128

31008 Hawksmoor DR $959,000 4 3.00 2,490 $385.14 1972 PV12139523 2/25/13 105

4030 Admirable DR $1,098,888 4 3.00 2,302 $477.36 1959 IG13001161 2/26/13 191

57 Narcissa DR $1,300,000 2 2.00 1,568 $829.08 1965 SB130001362/05/135

20 Cinnamon LN $1,453,750 4 3.00 2,459 $591.20 1954 PV12154758 2/22/13 58

46 Seawall RD $1,550,000 4 2.00 1,848 $838.74 1951 V121254732/22/13 120

Average $1,101,914 4.0 3.00 2,727 $409125
The average price per sq. ft. for homes sold in Rancho Palos Verdes over the last 3 months of $440 is approx. 5% higher than the comparable period last year, however the average price per sq. ft. for homes sold per month has decreased for each of the past 3 months.
Curnt vs. Prev Month Curnt vs. Same Month 1 Yr Ago Curnt vs. Same Qtr 1 Yr Ago
Feb. 13 Jan. 13 % Change Feb. 13 Feb. 12 % Change Dec. 12 to Feb. 13 Dec. 11 to Feb. 12 % Change
Avg. Sq. Ft. Price 409 442 -7.5% 409 412 -0.7% 440 418 5.1%
The average list price of homes offered for sale had trended downwards for the first 5 months of the year, but has increased sharply since then. and is now 26% higher than this time last year. The average price of homes sold has been much lower than the average list price of homes, averaging $1.2 million over the last 3 motnhs.This indicates that the lower priced homes are selling faster than the higher priced homes.
Feb. 13 Jan. 13 % Change Curnt vs. Prev Month Feb. 13 Feb. 12 % Change Curnt vs. Same Month 1 Yr Ago Dec. 12 to Feb. 13 Dec. 11 to Feb. 12 % Change Curnt vs. Same Qtr 1 Yr Ago
Avg. Active Price 2391 2276 5.1% 2391 1682 42.2% 2281 1807 26.2%

Avg. Sold Price

 1112 1114 -0.2% 1112 993 12% 1178 1214 -3%
Properties have been taking from 2 to 4 months to sell, with the average increasing steadily over the last 4 months, and sold for 96% of the original list price
With 56 homes currently for sale, and sales averaging 30 homes per month,there is currently 2 months of inventory
Combined with record 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.

For more information about Palos Verdes and South Bay Real Estate and buying and sellinga homeon the Palos Verdes Peninsula, visit my website at https://rightreligion.stellarwp.site. 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.