There are 58 homes homes listed for sale in the City of Palos Verdes Estates at the end of July, which is 7% less than this time a year ago. The number of homes sold over the last 3 months, averaging 22 sales per month, is up 47% compared to the same period last year . This equates to less than 3 months of inventory, based on the average sales per month over the last 3 months, historically very low. There are 19 homes in escrow at the end of July. Properly priced homes are often receiving multiple offers in this market.
The following is a list of the 23 homes sold in the City of Palos Verdes Estates during the month of July 2015:
The average price per square foot over the last 3 months has been $715 per sq. ft. a 18% increase over the similar period last year.
The average days on market for homes sold during last 3 months was about 1 to 2 months. The percentage of list price for homes sold is approx. 99%.
The average list price of homes for sale at the end of July is approx. $3.4 million. This is 1% less than a year ago. The average sold price of approx. $2.2 million during the last three months is 17% higher than the comparable 3 months last year but fluctuates widely during the year depending on the size of the home sold.
With 58 homes listed for sale at the end of July, and average sales per month over the last 3 months of 22 homes sold, equates to less than 3 months of inventory. The following chart of months of inventory is based upon the most recent month's sales.
With the current record low interest rates and the stabilized market, now is an excellent time to purchase a home in Palos Verdes Estates.For other market reports for the Palos Verdes Peninsula, go to Market Reports on my website.
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