The single family home market for Rancho Palos Verdes has slowed considerably during the third quarter of 2018. The level of inventory of homes for sale of 110 homes in the City of Rancho Palos Verdes at the end of September is up about 28% compared to the end of September last year. The average number of homes sold per month over the last 3 months of 33 homes per month, is down 18% however compared to the same 3 month period last year. There are only 25 homes in escrow at the end of September
The average list price of homes offered for sale of $2.2 million is now 9% lower than this time last year. The average price of homes sold has been much lower than the average list price of homes, averaging $1.5 million over the last 3 months, 3% higher than the comparable period last year. Lower priced homes have been selling faster than the higher priced homes.
Properties have been taking about 1 month to sell and sold for 97% of the original list price on average over the last 3 months which would normally show a very strong market, however the weakening sales at the end of the quarter and the increased inventory of homes for sale may significantly increase the marketing time and discounting of the selling price over list price.
With 110 homes currently for sale, and sales averaging 33 homes per month over the last quarter, there is currently about 3 months inventory . The chart below is based upon the most recent months sales of only 24 homes however.
Combined with continuig low interest rates, and rates rising now is an excellent time to consider buying a home.