The inventory of unsold condos and townhomes on the Palos Verdes Peninsula of 36 units has shrunk significantly over the last 12 months, and is down approx. 32% compared to a year ago. The average number of sales per month over the last 3 months of 14 units per month is up 8% from a year ago, however has been trending downwards over the last 4 months. There are 10 units in escrow at the end of September. Click here for a current search for condos and townhomes available for purchase on the Palos Verdes Peninsula..

Sep. 12 Aug. 12 Curnt vs. Prev Month % Change Sep. 12 Sep. 11 Curnt vs. Same Month 1 Yr Ago % Change Jul. 12 to Sep. 12 Jul. 11 to Sep. 11 Curnt vs. Same Qtr 1 Yr Ago % Change
For Sale 36 37 -2.7% 36 53 -32.1% 38 56 -32.1%
Sold 9 14 -35.7% 9 9 0% 14 13 7.7%
Pended 10 13 -23.1% 10 11 -9.1% 13 12 8.3%
The average price per square foot of condos and townhomes sold on the Palos Verdes Peninsula over the last 3 months of $329 per sq. ft. is up approx. 1% compared to the similar period last year. The average price per sq. ft. for condos and townhomes sold in May of $366 per sq. ft. is the highest in the last two years.
Sep. 12 Aug. 12 Curnt vs. Prev Month % Change Sep. 12 Sep. 11 Curnt vs. Same Month 1 Yr Ago % Change Jul. 12 to Sep. 12 Jul. 11 to Sep. 11 Curnt vs. Same Qtr 1 Yr Ago % Change
Avg. Sq. Ft. Price 328 339 -3.3% 328 296 11% 329 327 0.5%

The average days on market to sell a condo or townhome on the Palos Verdes Peninsula has been approx. 3 months recently. Condos and townhomes are currently selling at an average of 96% of list price.
The low level of inventory of only 36 units for sale and the average monthly sales over the last 3 months of 14 units sold equates to only a relatively modest 3 months of inventory, but based on the 9 units sold in September, it is a 4 month inventory.
The average list price for a condo or townhome on the Palos Verdes Peninsula has increased significantly the last 8 months to $851,000, 47% higher than a year ago,however, lower priced units have been in greater demand, with the average sold price up 25% compared to the prior years comparable quarter.
Sep. 12 Aug. 12 Curnt vs. Prev Month % Change Sep. 12 Sep. 11 Curnt vs. Same Month 1 Yr Ago % Change Jul. 12 to Sep. 12 Jul. 11 to Sep. 11 Curnt vs. Same Qtr 1 Yr Ago % Change
Avg. Active Price 851 847 0.5% 851 577 47.5% 822 561 46.5%
Avg. Sold Price 501 534 -6.2% 501 415 20.7% 524 420 24.8%

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.