Rancho Palos Verdes, CA Real Estate Market Activity Snapshot For October 2018

Rancho Palos Verdes, CA Real Estate sales have seen a lower number of homes that closed in October 2018 than in October 2017. While the listing price for October 2018 was lower as compared to a year ago, monthly price of homes for sale was down from previous month amid continued low inventory levels. The sold price of homes that closed was lower for the month.

Homes for Sale, Sold and Time of Close by the Numbers

For October 2018, a total of 130 homes in Rancho Palos Verdes, CA were for sale. The number of Homes for Sale that sold was 41 in October 2018 vs. 27 in September 2018 and 46 that sold in October 2017. Of the 41 homes under contract to close during the month of October 2018, the median time marketed for sale was 18 days. Compared to September 2018, the median time on market was 17 days. In relation to the homes for sale that were competitively priced in Rancho Palos Verdes, the homes that sold over the prior 6-months were selling within a range of 11 to 21 median number of days (i.e., the time-period a home is marketed until the time it goes into escrow for the closing).

A Close Look of Stats Data

• The Number of Closed Sales of homes for sale that sold was 41 in October 2018 compared to 27 during September 2018 and 46 in October 2017.

• The Number of Active Listings of homes for sale was 130 in October 2018 compared to 144 during September 2018 and 138 in October 2017.

• Median Sale Price for these homes that sold was $1,150,000 in October 2018 compared to $1,320,000 during September 2018 and $1,242,500 in October 2017.

• Median Price per Square Foot for these homes that sold was $590 in October 2018 compared to $538 during September 2018 and $544 in October 2017.

• Median Days on Market for the homes that sold was 18 in October 2018 compared to 17 days during September 2018 and 18 days in October 2017.

• The Inventory on Months-of-Supply of homes for sale based on rolling 3-months of activity was 3.3 in October 2018 compared to 3.6 during September 2018 and 3.3 in October 2017. (Note: This index is typically represented as a MSI number.)

Here are some current charts on housing activities in the area:

Data Analytics, Market Insight And Effects

The 41 homes sold that actually closed represented 31.5 percent of 130 available homes for sale in Rancho Palos Verdes, CA during October 2018. The sold price for Rancho Palos Verdes, CA homes has retracted over the prior 6-months period. In comparison, recent sold price was down by 7.4 percent versus a year ago. And, this month’s median sold price for these homes that sold has decreased 12.9 percent in October 2018 compared to September 2018. The month’s medan price-per-square-foot for homes that sold has gained 9.7 percent from September 2018, and for the 12-month period it gained 8.5 percent from October 2017 continuing a positive annual trend going forward.

Homes in October were selling slower than the month earlier. Based on recent rolling 3-month home sales activity, the months-supply index (MSI) of 3.3 suggests that it would take 3.3 months to deplete all remaining inventory of homes on the market if no additional homes was added to the market supply for sale. This shows moderate market absorption of housing inventory of Rancho Palos Verdes, CA homes for sale. At this MSI level, it translates to a market absorption rate of 30.3 percent and demonstrates moderate level of buyer demand.

Here are current charts on Price/SqFt and Supply of homes in the area:

Some Homes Did Not Sell

Typically, homes are listed for sale on the market over a period of 90 – 120 days, or sometimes longer. Over the last 4-months period, the number of homes that did not sell was 30 in Rancho Palos Verdes. There are different reasons why some homes do not sell in any market condition. Homes that did not sell during their listing period would become expired listings. If homeowners want to move forward with their plan, with the right approach the home sale they want is still within reach. However, before putting the home back on the market, homeowners need to take a step back and review their situation.

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