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. 37% compared to a year ago. The average number of sales per month over the last 3 months of 18 units per month is 6% higher than the comparable period a year ago. There are 15 units in escrow at the end of June. Click here for a current search for condos and townhomes available for purchase on the Palos Verdes Peninsula..

Jun. 13 May. 13 Curnt vs. Prev Month % Change Jun. 13 Jun. 12 Curnt vs. Same Month 1 Yr Ago % Change Apr. 13 to Jun. 13 Apr. 12 to Jun. 12 Curnt vs. Same Qtr 1 Yr Ago % Change
For Sale 29 23 26.1%

29 41 -29.3%

27 43 -37.2%

Sold 17 22 -22.7%

17 18 -5.6%

18 17 5.9%

Pended 15 17 -11.8%

15 16 -6.2%

17 18 -5.6%

The average price per square foot of condos and townhomes sold on the Palos Verdes Peninsula over the last 3 months of $369 per sq. ft. is up approx.11% compared to the similar period last year. The average price per sq. ft. for condos and townhomes sold in March of $381 per sq. ft. in April is the highest in the last three years.
Jun. 13 May. 13 Curnt vs. Prev Month % Change Jun. 13 Jun. 12 Curnt vs. Same Month 1 Yr Ago % Change Apr. 13 to Jun. 13 Apr. 12 to Jun. 12 Curnt vs. Same Qtr 1 Yr Ago% Change
Avg. Sq. Ft. Price 357.1 371.7 -3.9%

357.1 331.2 7.8%

369.4 334.5 10.4%

The average days on market to sell a condo or townhome on the Palos Verdes Peninsula has been approx. 2 months recently. Condos and townhomes are currently selling at an average of 99% 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 18 units sold equates to less than 2 months of inventory.
The average list price for a condo or townhome on the Palos Verdes Peninsula at the end of the second quarter of 2013 of $697,000, is 10% lower than a year ago,however, this is due to fewer of the Terranea casitas listed on the MLS. Lower priced units have been in greater demand, with the average sold price of $555,000 during the 2nd quarter up 10% compared to the prior years comparable quarter.
Jun. 13 May. 13 Curnt vs. Prev Month % Change Jun. 13 Jun. 12 Curnt vs. Same Month 1 Yr Ago % Change Apr. 13 to Jun. 13 Apr. 12 to Jun. 12 Curnt vs. Same Qtr 1 Yr Ago % Change
Avg. Active Price 697 841 -17.1%

697 775 -10.1%

789 768 2.7%

Avg. Sold Price 537 576 -6.8%

537 461 16.5%

555 503 10.3%

For other market reports for the Palos Verdes Peninsula, go to Market Reports on my website.

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 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://www.maureenmegowan.com . 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.