Palos Verdes Peninsula ( All Cities ) October 2012 Condo and Townhome Real Estate Market Report

ByMaureen Megowan Knowledge

The inventory of unsold condos and townhomes on the Palos Verdes Peninsula of 29 units has shrunk significantly over the last 12 months, and is down approx. 36% compared to a year ago. The average number of sales per month over the last 3 months of 12 units per month is up 20% from a year ago,with 12 units sold in October. There are 17 units in escrow at the end of October projecting strong sales for November as well. Click here for a current search for condos and townhomes available for purchase on the Palos Verdes Peninsula..

Oct. 12 Sep. 12 Curnt vs. Prev Month % Change Oct. 12 Oct. 11 Curnt vs. Same Month 1 Yr Ago % Change Aug. 12 to Oct. 12 Aug. 11 to Oct. 11 Curnt vs. Same Qtr 1 Yr Ago % Change
For Sale 29 36 -19.4% 29 48 -39.6% 34 53 -35.8%
Sold 12 9 33.3% 12 5 140% 12 10 20%
Pended 17 9 88.9% 17 14 21.4% 13 11 18.2%
The average price per square foot of condos and townhomes sold on the Palos Verdes Peninsula over the last 3 months of $326 per sq. ft. is up approx. 7% compared to the similar period last year, but has decreased the last 3 months in a row.
Oct. 12 Sep. 12 Curnt vs. Prev Month % Change Oct. 12 Oct. 11 Curnt vs. Same Month 1 Yr Ago % Change Aug. 12 to Oct. 12 Aug. 11 to Oct. 11 Curnt vs. Same Qtr 1 Yr Ago % Change
Avg. Sq. Ft. Price 310 328 -5.7% 310 285 8.9% 326 306 6.6%

The average days on market to sell a condo or townhome on the Palos Verdes Peninsula has been approx. 2 to 3 months recently. Condos and townhomes are currently selling at an average of 97% of list price.
The low level of inventory of only 29 units for sale and the average monthly sales over the last 3 months of 12 units sold equates to only a relatively modest 2 to 3 months of inventory.
The average list price for a condo or townhome on the Palos Verdes Peninsula has increased significantly the last 8 months to $922,000, 55% higher than a year ago,however, lower priced units have been in greater demand, with the average sold price up 17% compared to the prior years comparable 3 months, but having decreased the last 4 months in a row.
Oct. 12 Sep. 12 Curnt vs. Prev Month % Change Oct. 12 Oct. 11 Curnt vs. Same Month 1 Yr Ago % Change Aug. 12 to Oct. 12 Aug. 11 to Oct. 11 Curnt vs. Same Qtr 1 Yr Ago % Change
Avg. Active Price 922 851 8.3% 922 527 75% 867 561 54.5%
Avg. Sold Price 474 501 -5.4% 474 569 -16.7% 505 429 17.7%

It is imperative that a buyer of a condo or townhome unit carefully reviews the financial condition of the homeowners association. It is also important to determine the number of units occupied by renters in the project, as many lenders will not lend on a project that has too high of a percentage of non-owner occupied units.

With historically low interest rates and the recent correction in the market, with proper research, now is actually an excellent time for buyers to buy a condo or townhome on the Palos Verdes Peninsula.

For more information about Palos Verdes and South Bay Real Estate and buying and selling a home on the Palos Verdes Peninsula, visit my website at https://rightreligion.stellarwp.site . I try to make this the best real estate web blog in the South Bay Los Angeles and the Palos Verdes Peninsula. I would love to hear your comments or suggestions.