Rancho Palos Verdes experienced a HUGE jump in sales for the month of December. Single Family Residences saw a huge jump in units and volume sold. In November, 18 units sold with a total sales volume of $27 million and an average sale price of $1.5 million. In the month of December, units sold jumped to 31 with a total sales volume of $53 million and an average price of over $1.7 million! That’s nearly double the volume and an increase of over $200k for average sale price! Days on market increased significantly due to a listing that was on the market for over 320 days.
Condominiums and Townhouses also experienced a big jump from November. In November, there were 9 units sold for a total volume of $6.5 million with an average sale price of $722k. In December, units sold increased by only 1, but volume sold soared to $8.6 million and average sale price jumped to $867k! Ironically, the jump is mainly due to one condo in Terranea which sold for $2.1 million.
Eastview specifically saw similar increases.
There were only 2 sales in Eastview for the month of November, a house for $1.1 million and a condo which sold for $570k. This month there were 9 sales total. Six single family homes brought in a total volume of 5.1 million with an average sale price of $864k. For condos, 3 units sold for a total volume of 1.7 million with an average price of just under $570k.
Overall, the market is still trending up, with no indication of any change in direction in the foreseeable future.
Stay tuned for our RPV 2017 summary coming in mid January!
See all the active listings in RPV by clicking the link below:
https://prestigeteamhomes.com/rancho-palos-verdes/ 
Although interest rates have settled in the 6% range for much of the new year, housing inventory remains low, but prices have started to decline.
The San Pedro housing market for February 2023 saw significant changes to the average sale price of homes, indicating that rates may be putting pressure
The San Pedro housing market started 2023 strong, similar to the fourth quarter of 2022. Interest rates decreased slightly, helping raise the average sale price
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