Palos Verdes December 2016 Condo and Townhome Real Estate Market Report

By
Real Estate Agent with Remax Estate Properties - BRE #01368971
The inventory of unsold condos and townhomes on the Palos Verdes Peninsula of 33 units at the end of December is up approx. 44% compared to this time a year ago. The average number of sales per month over the last 3 months of 15 units per month is up approx. 45% compared to a year ago however. There are 19 units in escrow at the end of December. 

 

The average price per square foot of condos and townhomes sold on the Palos Verdes Peninsula over the last 3 months of $462 per sq. ft. is up about 10% over the similar period last year.
 
 
The average days on market to sell a condo or townhome on the Palos Verdes Peninsula has been approx. 1 to 2 months recently. Condos and townhomes are currently selling at an average of 98% of list price.
 
With 33 units for sale at the end of December and the average monthly sales over the last 3 months of 15 units sold equates to just a bit over 2 months of inventory. The chart below is based upon the most recent months sales.
 
 
The average list price over the last 3 months for a condo or townhome on the Palos Verdes Peninsula of $991,000 has increased approx. 14% over this time last year. The Average sold price of $623,000 over the last 3 months is down approx. 5%, 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.

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