City of Rancho Palos Verdes January 2015 Real Estate Market Report

The level of inventory of homes for sale of 75 homes in the City of Rancho Palos Verdes at the end of January is up about 17% compared to the end of January last year. The average number of homes sold per month over the last 3 months of 25 homes per month, is 11% lower than the comparable 3 month period last year. There are 25 homes in escrow at the end of January .

The following is a list of the 20 homes sold during the month of January 2015:

The average price per sq. ft. for homes sold in Rancho Palos Verdes over the last 3 months of $484 which is approx. 5% lower than the comparable period last year.

The average list price of homes offered for sale of $2.2 million is now 14% lower than this time last year. The average price of homes sold has been much lower than the average list price of homes, averaging $1.3 million over the last 3 months, a 13% decrease over the comparable period last year.This indicates that the lower priced homes are selling faster than the higher priced homes. Properties have been taking about 2 to 3 months to sell and sold for 92% of the original list price With 75 homes currently for sale, and sales averaging 25 homes per month,there is currently 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.