The Palos Verdes real estate market for condos and townhomes has continued to be strong, but with the inventory of unsold condos and townhomes on the Palos Verdes Peninsula of 38 units up approx. 27% compared to a year ago. The average number of sales per month over the last 3 months of 13 units per month is 18% higher than the comparable period a year ago, however there are only 4 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. 13 Nov. 13 Curnt vs. Prev Month % Change Dec. 13 Dec. 12 Curnt vs. Same Month 1 Yr Ago % Change Oct. 13 to Dec. 13 Oct. 12 to Dec. 12 Curnt vs. Same Qtr 1 Yr Ago % Change
For Sale 38 36 5.6%

38 30 26.7%

40 29 37.9%

Sold 15 13 15.4%

15 12 25%

13 11 18.2%

Pended 4 16 -75%

4 7 -42.9%

10 10 0%
The average price per square foot of condos and townhomes sold on the Palos Verdes Peninsula over the last 3 months of $367 per sq. ft. is up approx.16% compared to the similar period last year, but decreased from the previous quarter.
Dec. 13 Nov. 13 Curnt vs. Prev Month % Change Dec. 13 Dec. 12 Curnt vs. Same Month 1 Yr Ago % Change Oct. 13 to Dec. 13 Oct. 12 to Dec. 12 Curnt vs. Same Qtr 1 Yr Ago % Change
Avg. Sq. Ft. Price 383.1 357 7.3%

383.1 330.5 15.9%

367.3 315.9 16.3%

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 97% of list price.
The low level of inventory of 38 units for sale and the average monthly sales over the last 3 months of 13 units sold equates to about 3 months of inventory.
The average list price for a condo or townhome on the Palos Verdes Peninsula at the end of the fourth quarter of 2013 is $737,000. Lower priced units have been in greater demand, with the average sold price of $568,000 during the 4th quarter up 18% compared to the prior years comparable quarter.

Dec. 13 Nov. 13 Curnt vs. Prev Month % Change Dec. 13 Dec. 12 Curnt vs. Same Month 1 Yr Ago % Change Oct. 13 to Dec. 13 Oct. 12 to Dec. 12 Curnt vs. Same Qtr 1 Yr Ago % Change
Avg. Active Price 737 767 -3.9%

737 988 -25.4%

737 941 -21.7%

Avg. Sold Price 610 522 16.9%

610 519 17.5%

568 478 18.8%

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 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.