City of Rancho Palos Verdes 1st Qtr 2019 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 first quarter of 2019. The level of inventory of homes for sale of 76 homes in the City of Rancho Palos Verdes at the end of March is up about 15% compared to the end of March last year. The average number of homes sold per month over the last 3 months of 20 homes per month, is down 21% however compared to the same 3 month period last year. There are only 36 homes in escrow at the end of March, however, a significant increase, the highest since June of last year.

 
 

 

 

 
 
 
The average price per sq. ft. for homes sold in Rancho Palos Verdes over the last 3 months of $565 is down 2% over the comparable period last year.
 
 
 
 
The average list price of homes offered for sale of $2.4 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, 8% 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 sell and sold for 94% of the original list price on average over the last 3 months indicating an increasingly competitive market.
 
 
With 76 homes currently for sale, and sales averaging 20 homes per month over the last quarter, there is currently about 4 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.
 
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 Palos Verdes Dr South
Groups:
Realtors®
RE/MAX Active Rain Bloggers
RE/MAX REAL ESTATE NETWORK
Luxury Home Agents
Market Reports

Spam prevention
Show All Comments
Rainmaker
5,263,888
Roy Kelley
Realty Group Referrals - Gaithersburg, MD

Families on the move will appreciate your local market reports.

Apr 15, 2019 03:44 PM #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
885,451

Maureen Megowan

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

Additional Information