The City of Rancho Palos Verdes real estate market has been relatively strong . The number of homes listed for sale at the end of September increased to 121 homes and is 25% higher than the same time last year. The monthly average number of properties sold during the last three months of 35 homes, is down about 12% compared to the similar period last year. There are 36 homes in escrow at the end of the quarter.The number of months inventory is between 3 and 4 months of inventory.

The average price per sq. ft. of homes sold during the 3rd quarter of $548 per sq. ft.is up approx. 5% from last year.
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.
The average list price of homes for sale at the end of the third quarter of approx. $1.8 million is 7% lower than the comparable time last year. The average sold price of $1.5 million during the quarter is up 12% compared to the comparable quarter last year but has fluctuated widely the last 3 months. The lower priced homes are still dominating the sales activity however.
With 121 homes listed for sale at the end of September and sales averaging 35 homes sold per month over the last quarter, this equates to between 3 and 4 months of inventory. The chart below is based upon only the most recent month’s sales.
Combined with continuing low interest rates, now is an excellent time to consider buying a home. For more market information , see market reports on my website.

For more information about Palos Verdes and South Bay Real Estate and buying and selling a home on the Palos Verdes Peninsula, visit my website at https://www.maureenmegowan.com . 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.