The number of properties listed for sale for the overall Palos Verdes Peninsula at the end of February of 147 properties is 16% greater than the same time last year, and the average number of homes sold per month of 41 over the last 3 months is 3% higher than the comparable period last year. There are 68 homes in escrow at the end of February, forecasting continuing strong sales over the next two months.
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The average price per sq. ft. for homes sold over the last 3 months of $630 per sq. ft. is up 17% from the same compared to the comparable period last year.
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Based on the average monthly sales of 41 homes over the last 3 months, the current inventory of 147 homes for sale equates to between 3 and 4 months inventory, which historically is still extremely low. The chart below is based upon the most recent months sales.
The average price of the homes sold on the Palos Verdes Peninsula during the last 3 months averaged $1.8 million, up approx. 10% compared to the average price of homes sold in the comparable period last year. The average listing price for homes during the last 3 months of $2.8 million is down approx. 13% over the comparable period last year. These statistics show that lower priced homes are selling faster than the higher priced homes.
Days on Market to sell a property has been averaging approx. 3 months, and properties are selling at approx. 93% of original list price.
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For other market reports for the Palos Verdes Peninsula, go to Market Reports on
my web site.
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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.
