The inventory of unsold condos and townhomes on the Palos Verdes Peninsula of 34 units has shrunk significantly over the last 12 months, and is down approx. 24% compared to a year ago. The average number of sales per month over the last 3 months of 10 units per month is the same as the comparable period a year ago. There are 17 units in escrow at the end of March. Click here for a current search for condos and townhomes available for purchase on the Palos Verdes Peninsula..

Mar. 13 Feb. 13 Curnt vs. Prev Month % Change Mar. 13 Mar. 12 Curnt vs. Same Month 1 Yr Ago % Change Jan. 13 to Mar. 13 Jan. 12 to Mar. 12 Curnt vs. Same Qtr 1 Yr Ago % Change
For Sale 34 34 0% 34 45 -24.4%

36 48 -25%

Sold 15 7 114.3%

15 10 50%

10 10 0%
Pended 17 14 21.4%

17 14 21.4%

14 13 7.7%

The average price per square foot of condos and townhomes sold on the Palos Verdes Peninsula over the last 3 months of $349 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 $370 per sq. ft. is the highest in the last three years.
Mar. 13 Feb. 13 Curnt vs. Prev Month % Change Mar. 13 Mar. 12 Curnt vs. Same Month 1 Yr Ago % Change Jan. 13 to Mar. 13 Jan. 12 to Mar. 12 Curnt vs. Same Qtr 1 Yr Ago % Change
Avg. Sq. Ft. Price 370.3 331.4 11.8%

370.3 323.3 14.5%

349 313.3 11.4%

The average days on market to sell a condo or townhome on the Palos Verdes Peninsula has been approx. 2 to 3 months recently. Condos and townhomes are currently selling at an average of 98% of list price.
The low level of inventory of only 34 units for sale and the average monthly sales over the last 3 months of 10 units sold equates to only a relatively modest 3 months of inventory.

The average list price for a condo or townhome on the Palos Verdes Peninsula at the end of the first quarter of 2013 of $908,000, is 26% higher than a year ago,however, lower priced units have been in greater demand, with the average sold price of $499 per sq. ft. during the 1st quarter up 11% compared to the prior years comparable quarter.
Mar. 13 Feb. 13 Curnt vs. Prev Month % Change Mar. 13 Mar. 12 Curnt vs. Same Month 1 Yr Ago % Change Jan. 13 to Mar. 13 Jan. 12 to Mar. 12 Curnt vs. Same Qtr 1 Yr Ago % Change
Avg. Active Price 908 815 11.4%

908 719 26.3%

852 658 29.5%

Avg. Sold Price 501 459 9.2%

501 487 2.9%

499 450 10.9%

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 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.