The number of homes listed for sale in the City of Palos Verdes Estates increased substantially during the second quarter of 2013 after falling to very low levels at the end of the first quarter, with the number of homes for sale now very similar to the same period last year. The average number of homes sold per month during the secod quarter fell 18% compared to last year’s 2nd quarter, averaging 14 sales per month. This equates to about 3 months of inventory.The number of homes in escrow at the end of June is 23 homes, forcasting strong sales over the next few months.
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 45 47 -4.3%

45 43 4.7%

46 47 -2.1%

Sold 15 15 0% 15 24 -37.5%

14 17 -17.6%

Pended 23 16 43.8%

23 12 91.7%

19 17 11.8%

The average price per square foot over the last 3 months has been $589 per sq. ft., an increase of approx. 6% over the comparable period last year. The overall market continues to be strong, with strong buyer activity.

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 575.7 560.3 2.7%

575.7 531.7 8.3%

588.5 553.1 6.4%

The average days on market for homes sold during the 2nd quarter 2013 was about 2 months, a strong improvement. The percentage of original list price for homes sold is approx. 97%.
The average list price of homes for sale rose significantly in December to approx. $3.2 million but decreased to $2.7 million at the end of the second quarter of 2013. The average sold price of approx. $1.8 million during the 2nd quarter is approx. 1% lower than the comparable quarter last year. This does show that the lower priced homes are selling faster than the higher priced homes.
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 2693 2706 -0.5%

2693 2653 1.5%

2738 2664 2.8%

Avg. Sold Price 1839 1718 7%

1839 1805 1.9%

1782 1805 -1.3%

With 45 homes listed for sale at the end of June, and sales averaging 14 homes per month during the 2nd quarter 2013, this equates to approx. 3 months of inventory.
With the current record low interest rates and the stabilized market, now is an excellent time to purchase a home in Palos Verdes Estates.

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.