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 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.