The inventory of unsold condos and townhomes on the Palos Verdes Peninsula of 23 units has dropped 5 consecutive months, and is down approx. 38% compared to a year ago. The average number of sales per month over the last 3 months of 17 units per month is also up 13% from a year ago. There are 17 units in escrow at the end of May. 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.

May. 13 Apr. 13 Curnt vs. Prev Month % Change May. 13 May. 12 Curnt vs. Same Month 1 Yr Ago % Change Mar. 13 to May. 13 Mar. 12 to May. 12 Curnt vs. Same Qtr 1 Yr Ago % Change
For Sale 23 28 -17.9%

23 45 -48.9%

28 45 -37.8%

Sold 21 14 50%

21 15 40%

17 15 13.3%

Pended 17 20 -15%

17 18 -5.6%

18 17 5.9%

The average price per square foot of condos and townhomes sold on the Palos Verdes Peninsula over the last 3 months of $372 per sq. ft. is up approx. 12% compared to the similar period last year.
May. 13 Apr. 13 Curnt vs. Prev Month % Change May. 13 May. 12 Curnt vs. Same Month 1 Yr Ago % Change Mar. 13 to May. 13 Mar. 12 to May. 12 Curnt vs. Same Qtr 1 Yr Ago % Change
Avg. Sq. Ft. Price 368.8 380.7 -3.1%

368.8 366 0.8%

372.7 333.4 11.8%

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 23 units for sale and the average monthly sales over the last 3 months of 17 units sold equates to only a bit over 1 month 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 16% higher than a year ago,however, lower priced units have been in greater demand. The Average sold price, however, is up 4% compared to the prior years comparable 3 months.
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.