Summer is upon us and the numbers are in for Rancho Palos Verdes! A quick overview shows a noticeable jump in sales, 48 transactions, compared to 41 in April. Although average price dropped on single family homes, days on market followed suit which is always a good indicator for demand. Condos and townhouses saw a slight drop in number of units sold, but the average price rebounded. More details can be found below!
If you missed last month’s Real Estate Market Watch, you can find it here.
Rancho Palos Verdes Real Estate Market Watch: May 2018
Single family home sales in RPV saw green arrows across the board with the exception of average price, down to $1,563,683 compared to $1,674,500 for the month of April. Although this is a drop of over $110k, days on market dropped from 33 days in April to 28 for the month of May.
Condominiums and Townhouses experienced a drop in number of listings sold, down to 7 for May compared to 8 in April. However, volume sold only dropped by $90k, pushing the average price to just under $820k. These numbers are skewed due to the fact that one particular condo sold for over a million dollars and was on the market for 170 days. Another condo that closed was also on the market for a very long time, 275 days to be exact.
Expect prices to continue to fluctuate, but ultimately in an upward trajectory.