Summary: The number of homes listed for sale on the Palos Verdes Peninsula has decreased to seasonal lows, but the number of homes sold during the last three months is up 4% compared to the prior year, leading to a decrease in unsold inventory to just over 2 months supply. Prices per square foot are essentially unchanged compared to the prior year's quarterly average. Lower priced homes are also moving faster than the upper end of the market. Houses have also been taking approx. 2 to 3 months to sell.
The number of properties listed for sale for the overall Palos Verdes Peninsula at the end of December of 130 properties is 10% lower than the same time last year, and the average number of homes sold per month of 58 over the last 3 months is 4% higher than the comparable period last year. There are 48 homes in escrow at the end of December.
The average price per sq. ft. for homes sold over the last 3 months of $611 per sq. ft. is 1% higher compared to the comparable period last year.
The average price of the homes sold on the Palos Verdes Peninsula during the last 3 months averaged $1.7 million, dup about 4% compared to the average price of homes sold in the comparable period last year. The average listing price for homes during the last 3 months of $3.2 million is 18% higher than the comparable period last year. These statistics show that lower priced homes are selling faster than the higher priced homes.
Days on Market to sell a property has been averaging about 2 to 3 months, and properties are selling at approx. 93% of original list price.