City of Rancho Palos Verdes 3rd Qtr 2018 Real Estate Market Report

By
Real Estate Agent with Remax Estate Properties - BRE #01368971

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 price per sq. ft. for homes sold in Rancho Palos Verdes over the last 3 months of $601 is up 5% over the comparable period last year.
 
 
 
 
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.
 
For other market reports for the Palos Verdes Peninsula, go to Market Reports on my website.

 

close

This entry hasn't been re-blogged:

Re-Blogged By Re-Blogged At
Topic:
Real Estate Market Trends
Location:
California Los Angeles County Rancho Palos Verdes
Groups:
Realtors®
RE/MAX Active Rain Bloggers
Beach & Luxury Realty Group
RE/MAX REAL ESTATE NETWORK
Market Reports
Tags:
city of rancho palos verdes 3rd qtr 2018 real estate market report

Spam prevention
Show All Comments
Rainmaker
1,543,059
Jeremy K. Frost
Keller Williams Realty - Dripping Springs, TX
Associate Broker, CNE, CRS, ePro, PSA

Insight from a local expert is hard to beat. Thank you for sharing!

Oct 17, 2018 08:07 AM #1
Show All Comments

What's the reason you're reporting this blog entry?

Are you sure you want to report this blog entry as spam?

Rainmaker
882,054

Maureen Megowan

Palos Verdes Real Estate Blog
Ask me a question
*
*
*
*
Spam prevention

Additional Information