The inventory of unsold condos and townhomes on the Palos Verdes Peninsula of 34 units dropped during February after rising last month, and is down approx. 31% compared to a year ago. The average number of sales per month over the last 3 months of 9 units per month is down slightly from a year ago. There are 18 units in escrow at the end of February, however. Click here for a current search for condos and townhomes available for purchase on the Palos Verdes Peninsula.. Make sure and scroll down to see the entire report.

Feb. 13 Jan. 13 % Change Curnt vs. Prev Month Feb. 13 Feb. 12 % Change Curnt vs. Same Month 1 Yr Ago Dec. 12 to Feb. 13 Dec. 11 to Feb. 12 % Change Curnt vs. Same Qtr 1 Yr Ago
For Sale 34 40 -15%

34 49 -30.6%

35 47 -25.5%

Sold 7 7 0% 7 14 -50%

9 10 -10%

Pended 18 12 50%

18 15 20%

12 10

20%

The average price per square foot of condos and townhomes sold on the Palos Verdes Peninsula over the last 3 months of $328 per sq. ft. is up approx. 5% compared to the similar period last year.
Feb. 13 Jan. 13 % Change Curnt vs. Prev Month Feb. 13 Feb. 12 % Change Curnt vs. Same Month 1 Yr Ago Dec. 12 to Feb. 13 Dec. 11 to Feb. 12 % Change Curnt vs. Same Qtr 1 Yr Ago
Avg. Sq. Ft. Price 331 321 3.2%

331 298 11.3%

328 312 5.1%

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 only 34 units for sale and the average monthly sales over the last 3 months of 9 units sold equates to only a relatively modest 4 months of inventory. The chart below is based upon the sales for the most recent month only.
The average list price for a condo or townhome on the Palos Verdes Peninsula had increased significantly during 2012, but dropped sharply in January. but is still 29% higher than a year ago,however, lower priced units have been in greater demand, with the average sold price up 12% compared to the prior years comparable 3 months.
Feb. 13 Jan. 13 % Change Curnt vs. Prev Month Feb. 13 Feb. 12 % Change Curnt vs. Same Month 1 Yr Ago Dec. 12 to Feb. 13 Dec. 11 to Feb. 12 % Change Curnt vs. Same Qtr 1 Yr Ago
Avg. Active Price 815 771 5.7%

815 632 29%

883 576 53.3%

Avg. Sold Price 459 534 -14%

459 363 26.4%

507 451 12.4%

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.