City of Palos Verdes Estates December 2016 Real Estate Market Report

By
Real Estate Agent with Remax Estate Properties - BRE #01368971
 
There are 35 homes listed for sale in the City of Palos Verdes Estates at the end of December, which is 21% lower than this time a year ago. The number of homes sold over the last 3 months, averaging 13 sales per month, is unchanged compared to the same period last year . This equates to between 2 and 3 months of inventory, based on the average sales per month over the last 3 months. There are 14 homes in escrow at the end of December.
 
 

The following is a list of the 16 homes sold in the City of Palos Verdes Estates during the month of December 2016:

 

 

The average price per square foot over the last 3 months has been $737 per sq. ft. a 7% increase over the similar period last year.

 
The average days on market for homes sold during last 3 months was about 2 to 3 months. The percentage of list price for homes sold is approx. 91%.
 
 
The average list price of homes for sale at the end of December is approx. $4.3 million. This is about a 15% increase a year ago. The average sold price of approx. $2.3 million during the last three months is 5% higher than the comparable 3 months last year but fluctuates widely during the year depending on the size of the home sold. 
 
 
 
With 35 homes listed for sale at the end of December and average sales per month over the last 3 months of 13 homes sold, equates to between 2 and 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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Maureen Megowan

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