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.
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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.
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