The inventory of unsold condos and townhomes on the Palos Verdes Peninsula of 46 units has risen dramatically the last 3 months, and is up approx. 58% compared to this time a year ago. The average number of sales per month over the last 3 months of 16 units per monthis upfrom a year ago, however has decreased each of the last three months to only 10 units sold in October. There are14 units in escrow at the end of October. Click here for a current search for condos and townhomes available for purchase on the Palos Verdes Peninsula.. Make sure and scroll down to see the entire report.
Oct. 13 Sep. 13 Curnt vs. Prev Month % Change Oct. 13 Oct. 12 Curnt vs. Same Month 1 Yr Ago % Change Aug. 13 to Oct. 13 Aug. 12 to Oct. 12 Curnt vs. Same Qtr 1 Yr Ago % Change
For Sale 46 46 0% 46 29 58.6% 46 34 35.3%
Sold 10 15 -33.3% 10 12 -16.7% 16 12 33.3%
Pended 14 8 75% 14 17 -17.6% 15 13 15.4%
The average price per square foot of condos and townhomes sold on the Palos Verdes Peninsula over the last 3 months of $382 per sq. ft. is up approx. 17% compared to the similar period last year.
Oct. 13 Sep. 13 Curnt vs. Prev Month % Change Oct. 13 Oct. 12 Curnt vs. Same Month 1 Yr Ago % Change Aug. 13 to Oct. 13 Aug. 12 to Oct. 12 Curnt vs. Same Qtr 1 Yr Ago % Change
Avg. Sq. Ft. Price 356.8 390.5 -8.6% 356.8 309.8 15.2% 382.8 326.4 17.3%
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 98% of list price.
With 46units for sale at the end of October and the average monthly sales over the last 3 months of 16 units sold equates toabout 3months of inventory. The chart below is based upon the sales for the most recent month only, and with only 10 units sold in October shows a current level of inventory over 4 months.
The average list price for a condo or townhome on the Palos Verdes Peninsula in the chart below has fluctuated widely depending on the number of luxury units the Terranea Resort lists for sale on the MLS which are over $1 million. The Average sold price of $568,000 over the last 3 months, however, is up 13% compared to the prior years comparable 3 months.
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 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 sellinga homeon 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.