The inventory of unsold condos and townhomes on the Palos Verdes Peninsula of 30 units has shrunk significantly over the last 12 months, and is down approx. 29% compared to a year ago. The average number of sales per month over the last 3 months of 11 units per month is up 10% from a year ago. There are 7 units in escrow at the end of December. Click here for a current search for condos and townhomes available for purchase on the Palos Verdes Peninsula..

Dec. 12 Nov. 12 % Change Curnt vs. Prev Month Dec. 12 Dec. 11 % Change Curnt vs. Same Month 1 Yr Ago Oct. 12 to Dec. 12 Oct. 11 to Dec. 11 % Change Curnt vs. Same Qtr 1 Yr Ago
For Sale 30 28 7.1%

30 42 -28.6%

29 45 -35.6%

Sold 12 10 20%

12 12 0% 11 10 10%

Pended 7 6 16.7%

7 7 0% 10 11 -9.1%

The average price per square foot of condos and townhomes sold on the Palos Verdes Peninsula over the last 3 months of $316 per sq. ft. is up approx. 7% compared to the similar period last year. The average price per sq. ft. for condos and townhomes sold in May 2012 of $366 per sq. ft. is the highest in the last two years.
Dec. 12 Nov. 12 % Change Curnt vs. Prev Month Dec. 12 Dec. 11 % Change Curnt vs. Same Month 1 Yr Ago Oct. 12 to Dec. 12 Oct. 11 to Dec. 11 % Change Curnt vs. Same Qtr 1 Yr Ago
Avg. Sq. Ft. Price 331 306 8.1%

331 319 3.6%

316 295 7%

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 30 units for sale and the average monthly sales over the last 3 months of 11 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 has increased significantly the last 8 months to $988,000, 99% higher than a year ago,however, lower priced units have been in greater demand, with the average sold price up only 1% compared to the prior years comparable quarter.
Dec. 12 Nov. 12 % Change Curnt vs. Prev Month Dec. 12 Dec. 11 % Change Curnt vs. Same Month 1 Yr Ago Oct. 12 to Dec. 12 Oct. 11 to Dec. 11 % Change Curnt vs. Same Qtr 1 Yr Ago
Avg. Active Price 988 909 8.7%

988 497 98.8%

941 521 80.6%

Avg. Sold Price 519 434 19.6%

519 484 7.2%

478 472 1.3%

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.