City of Palos Verdes Estates 3rd Quarter 2012 Real Estate Market Report

The number of homes listed for sale in the City of Palos Verdes Estates dropped significantly at the end of 2011, and remains very low. with only 37 homes listed for sale at the end of the third quarter, which is 52% lower than the end of the 3rd quarter a year ago. The average number of homes sold per month during this same period has also increased , averaging 12 sales per month, the same as the prior years 3rd quarter. This equates to only about 3 months of inventory.The number of homes in escrow at the end of the quarter is 13 homes.

 

 

 

 

 

 

 

 

Sep. 12 Aug. 12 Curnt vs. Prev Month % Change Sep. 12 Sep. 11 Curnt vs. Same Month 1 Yr Ago% Change Jul. 12 to Sep. 12 Jul. 11 to Sep. 11 Curnt vs. Same Qtr 1 Yr Ago % Change For Sale 37 40 -7.5% 37 79 -53.2% 40 78 -48.7% Sold 10 15 -33.3% 10 9 11.1% 12 12 0% Pended 13 9 44.4% 13 12 8.3% 12 13 -7.7%

 

 

 

The average price per square foot over the last 3 months has been $546 per sq. ft., a decrease of approx. 9% over the comparable period last year. The overall market appears to have stabilized. This market has not been nearly as impacted by the foreclosure sales which have severely affected inland markets.

 

 

 

 

 

 

 

Sep. 12 Aug. 12 Curnt vs. Prev Month % Change Sep. 12 Sep. 11 Curnt vs. Same Month 1 Yr Ago % Change Jul. 12 to Sep. 12 Jul. 11 to Curnt vs. Same Qtr 1 Yr Ago Sep. 11 % Change Avg. Sq. Ft. Price 553 536 3.1% 553 499 10.7% 546 503 8.5%

 

 

The average days on market for homes sold during the 3rd quarter 2012 was about 3 to 4 months.   The percentage of list price for homes sold is approx. 93%.

 

 

 

The average list price of homes for sale rose significantly during the 3 quarter. to approx. $2,9 million. The average sold price of approx. $1,7 million during the 3rd quarter dropped in September, but is still approx. 25% higher than the comparable quarter last year. This does show that the lower priced homes are selling faster than the higher priced homes.

 

 

 

 

 

 

Sep. 12 Aug. 12 Curnt vs. Prev Month % Change Sep. 12 Sep. 11 %Curnt vs. Same Month 1 Yr Ago  Change Jul. 12 to Sep. 12 Jul. 11 to Sep. 11 Curnt vs. Same Qtr 1 Yr Ago % Change Avg. Active Price 2885 2855 1.1% 2885 2384 21% 2785 2351 18.5% Avg. Sold Price 1626 1882 -13.6% 1626 1205 34.9% 1795 1441 24.6%