The inventory of unsold condos and townhomes on the Palos Verdes Peninsula of 42 units has shrunk significantly over the last 12 months, and is down approx. 37% compared to a year ago. The average number of sales per month over the last 3 months of 17 units per month is up 21% from a year ago,with 18 units sold in July. There are 19 units in escrow at the end of July projecting strong sales for August as well. Click here for a current search for condos and townhomes available for purchase on the Palos Verdes Peninsula..
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Curnt vs. Prev Month |
Curnt vs. Same Month 1 Yr Ago |
Curnt vs. Same Qtr 1 Yr Ago |
| |
Jul. 12 |
Jun. 12 |
% Change |
Jul. 12 |
Jul. 11 |
% Change |
May. 12 to Jul. 12 |
May. 11 to Jul. 11 |
% Change |
| For Sale |
42 |
40 |
5% |
42 |
59 |
-28.8% |
42 |
67 |
-37.3% |
| Sold |
18 |
18 |
0% |
18 |
14 |
28.6% |
17 |
14 |
21.4% |
| Pended |
19 |
17 |
11.8% |
19 |
16 |
18.8% |
18 |
16 |
12.5% |
|
|
|
The average price per square foot of condos and townhomes sold on the Palos Verdes Peninsula over the last 3 months of $338 per sq. ft. is up approx. 2% 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.
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| |
Curnt vs. Prev Month |
Curnt vs. Same Month 1 Yr Ago |
Curnt vs. Same Qtr 1 Yr Ago |
| |
Jul. 12 |
Jun. 12 |
% Change |
Jul. 12 |
Jul. 11 |
% Change |
May. 12 to Jul. 12 |
May. 11 to Jul. 11 |
% Change |
| Avg. Sq. Ft. Price |
321 |
331 |
-3.1% |
321 |
356 |
-9.8% |
338 |
333 |
1.5% |
|
The average days on market to sell a condo or townhome on the Palos Verdes Peninsula has been 3 to 4 months recently. The low level of inventory of only 42 units for sale and the average monthly sales over the last 3 months of 17 units sold equates to only a relatively modest 2.5 months of inventory. Condos and townhomes are currently selling at an average of 95% of list price.
| |
Curnt vs. Prev Month |
Curnt vs. Same Month 1 Yr Ago |
Curnt vs. Same Qtr 1 Yr Ago |
| |
Jul. 12 |
Jun. 12 |
% Change |
Jul. 12 |
Jul. 11 |
% Change |
May. 12 to Jul. 12 |
May. 11 to Jul. 11 |
% Change |
| Days on Market |
107 |
108 |
-0.9% |
107 |
73 |
46.6% |
104 |
101 |
3% |
| Sold/Orig LP Diff. % |
95 |
95 |
0% |
95 |
93 |
2.2% |
95 |
94 |
1.1% |
|
|
The average list price for a condo or townhome on the Palos Verdes Peninsula has increased significantly the last seven months to $789,000, however, lower priced units have been in greater demand.
|
| |
Curnt vs. Prev Month |
Curnt vs. Same Month 1 Yr Ago |
Curnt vs. Same Qtr 1 Yr Ago |
| |
Jul. 12 |
Jun. 12 |
% Change |
Jul. 12 |
Jul. 11 |
% Change |
May. 12 to Jul. 12 |
May. 11 to Jul. 11 |
% Change |
| Avg. Active Price |
789 |
789 |
0% |
789 |
548 |
44% |
788 |
546 |
44.3% |
| Avg. Sold Price |
527 |
461 |
14.3% |
527 |
454 |
16.1% |
534 |
481 |
11% |
|
|
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 other market reports for the Palos Verdes Peninsula, go to Market Reports on my website.
