Real Estate Market Watch: Rancho Palos Verdes – October 2017

The numbers are in for October!

As a whole, RPV saw increases across the board for the month of October. Single Family Residences (SFR) sales went from 33 in September to 38 in October, while average sale price increased to over $1.4M from $1.2M in September. Days on market saw a slight increase from 34 in September to 38 for October. Inventory is still not enough to keep up with demand which is causing prices to increase. The increase in DOM is negligible.

Condominium and Townhouse sales doubled to 8 units sold in October compared to only 4 in September. Average sale price saw a significant increase to $821k in October compared to $747k in September. However, the numbers for condos and townhouses are slightly skewed this month due to a sale in Terranea that was on the market for 500+ days and sold for $2.2M.
Days on market increased to 84, but this is due to the same condo I mentioned earlier. Ignoring that sale would reduce days on market to just 22 days, which suggest strong demand for those types of properties.

 

 

Eastview specifically had only 6 sales for the second month in a row.

There were 5 SFR sales in the month of October, averaging $958K which is up from $839k in September. Days on market dropped significantly to only 20 days in October compared to 36 in September. Eastview, being the most affordable of RPV’s neighborhoods, always has strong demand and it is clearly evident in the days on market numbers.

There was only 1 condo sale in October which was on the market for only 18 days. Again, this tells us that demand is strong in the area.

As I mentioned in the September newsletter, this time of year things tend to slow down a bit. I expect to see similar numbers for the remainder of the year due to the upcoming holidays, but 2018 will be another great year to be a seller!

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