Palos Verdes Peninsula ( All Cities ) November 2012 Condo and Townhome Real Estate Market Report

ByMaureen Megowan Knowledge

The inventory of unsold condos and townhomes on the Palos Verdes Peninsula of 28 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 10 units per month is up 11% from a year ago,with 10 units sold in November. There are only 6 units in escrow at the end of November, 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.

Nov. 12 Oct. 12 Curnt vs. Prev Month % Change Nov. 12 Nov. 11 Curnt vs. Same Month 1 Yr Ago % Change Sep. 12 to Nov. 12 Sep. 11 to Nov. 11 Curnt vs. Same Qtr 1 Yr Ago % Change
For Sale 28 29 -3.4% 28 45 -37.8% 31 49 -36.7%
Sold 10 12 -16.7% 10 14 -28.6% 10 9 11.1%
Pended 6 17 -64.7% 6 11 -45.5% 11 12 -8.3%
The average price per square foot of condos and townhomes sold on the Palos Verdes Peninsula over the last 3 months of $314 per sq. ft. is up approx. 10% compared to the similar period last year, but has decreased the last 4 months in a row.

Nov. 12 Oct. 12 Curnt vs. Prev Month % Change Nov. 12 Nov. 11 Curnt vs. Same Month 1 Yr Ago % Change Sep. 12 to Nov. 12 Sep. 11 to Nov. 11 Curnt vs. Same Qtr 1 Yr Ago % Change
Avg. Sq. Ft. Price 306 310 -1.3% 306 279 9.7% 314 285 10.1%

The average days on market to sell a condo or townhome on the Palos Verdes Peninsula has been approx. 2 to 3 months recently, but has decreased to only 2 months over the last 3 months. Condos and townhomes are currently selling at an average of 99% of list price.
The low level of inventory of only 28 units for sale and the average monthly sales over the last 3 months of 10 units sold equates to only a relatively modest 2 to 3 months of inventory.
The average list price for a condo or townhome on the Palos Verdes Peninsula has increased significantly the last 9 months to $909,000, 63% higher than a year ago,however, lower priced units have been in greater demand, with the average sold price up 5% compared to the prior years comparable 3 months, but having decreased the last 4 months in a row.
Nov. 12 Oct. 12 Curnt vs. Prev Month % Change Nov. 12 Nov. 11 Curnt vs. Same Month 1 Yr Ago % Change Sep. 12 to Nov. 12 Sep. 11 to Nov. 11 Curnt vs. Same Qtr 1 Yr Ago % Change
Avg. Active Price 909 922 -1.4% 909 539 68.6% 897 549 63.4%
Avg. Sold Price 434 474 -8.4% 434 428 1.4% 469 449 4.5%
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://rightreligion.stellarwp.site . 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.