The number of homes listed for sale in the City of Palos Verdes Estates dropped significantly at the end of 2011, and remains very low. with only 37 homes listed for sale at the end of October, which is 50% lower than the same time a year ago. The number of homes sold over the last 3 months, averaging 12 sales per month, is the same as the same period last year. This equates to only about 3 months of inventory.The number of homes in escrow at the end of the quarter is 12 homes.

Due to the low inventory of homes, properly priced homes are often receiving multiple offers in this market.

The following is a list of the 10 homes sold during the month of October 2012:

Address Sales Price Bd Bth Sqft $/Sq Yr. Built ML# Sold Date Days on Market

1012 Via Romero $1,022,000 3 2.00 2,111 $484.13 1963 V12087600 10/31/12 108

2516 Palos Verdes DR W $1,075,000 4 3.00 2,301 $467.19 1957 V12112571 10/18/12 27

1008 Via Fortuna $1,390,000 5 3.00 3,136 $443.24 1965 S12116342 10/17/12 3

2425 W Palos Verdes DR W $1,450,000 4 4.00 3,261 $444.65 1996 V12068624 10/03/12 86

1713 Via Boronada $1,485,000 5 4.00 3,034 $489.45 1963 V12110956 10/17/12 32

2333 Chelsea RD $1,695,000 4 3.00 2,112 $802.56 1962 V12112513 10/31/12 10

844 Rincon LN $6,500,000 5 6.00 6,000 $1,083 2008 SB12131758 10/19/12 4

4037 Via Pima $985,000 3 2.00 1,914 $514.63 1954 V12066975 10/23/12 149

513 Via Gorrion $1,125,890 3 3.00 2,516 $447.49 1951 S12100709 10/31/12 87

117 Via Alameda $1,265,000 3 3.00 2,188 $578.15 1959 S12100117 10/10/12 49

Average $1,799,289 4.0 3.30 2,857 $575 56
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 37 37 0% 37 74 -50% 38 77 -50.6%
Sold 10 11 -9.1% 10 8 25% 12 12 0%
Pended 12 13 -7.7% 12 17 -29.4% 11 14 -21.4%

The average price per square foot over the last 3 months has been $569 per sq. ft., an increase of approx. 12% over the comparable period last year. The overall market appears to have stabilized. This market has not been nearly as impacted by the foreclosure sales which have severely affected inland markets.
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 630 572 10% 630 524 20.3% 569 507 12.1%
The average days on market for homes sold during last 3 months was about 3 to 4 months. The percentage of list price for homes sold is approx. 94%.
The average list price of homes for sale at the end of October is aprox. $2.7 million. The average sold price of approx. $1.9 million during the last three months is approx. 39% higher than the comparable 3 months last year. This shows that higher priced homes are selling better now than a year ago, however the lower priced homes are selling faster than the higher priced homes.
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 2673 2885 -7.3% 2673 2459 8.7% 2815 2383 18.1%
Avg. Sold Price 1799 1906 -5.6% 1799 1391 29.3% 1866 1340 39.3%
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.