The inventory of unsold condos and townhomes on the Palos Verdes Peninsula of 54 units is up approx. 46% compared to this time a year ago. The average number of sales per month over the last 3 months of 11 units per month is down 35% from a year ago. There are 18 units in escrow at the end of July. 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.
The average price per square foot of condos and townhomes sold on the Palos Verdes Peninsula over the last 3 months of $412 per sq. ft. is up approx. 10% compared to the similar period last year.
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The average list price for a condo or townhome on the Palos Verdes Peninsula in the chart below has fluctuated widely depending on the number of luxury units the Terranea Resort lists for sale on the MLS which are over $1 million. The Average sold price of $644,000 over the last 3 months, however, is up 17% compared to the prior years comparable 3 months.
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For other market reports for the Palos Verdes Peninsula, go to Market Reports on my website.
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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.