The single family home market for Rancho Palos Verdes has slowed considerably during the fourth quarter of 2018. The level of inventory of homes for sale of 76 homes in the City of Rancho Palos Verdes at the end of December is up about 31% compared to the end of December last year. The average number of homes sold per month over the last 3 months of 25 homes per month, is down 13% however compared to the same 3 month period last year. There are only 16 homes in escrow at the end of December
The average list price of homes offered for sale of $2.3 million is now 7% lower than this time last year. The average price of homes sold has been much lower than the average list price of homes, averaging $1.4 million over the last 3 months, 10% lower than the comparable period last year. Lower priced homes have been selling faster than the higher priced homes.
Properties have been taking about 1-2 month to sells and sold for 95% 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 76 homes currently for sale, and sales averaging 25 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
Combined with continuig low interest rates, and rates rising now is an excellent time to consider buying a home.