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City of Palos Verdes Estates 4th Quarter 2011 Real Estate Market Report

By
Real Estate Agent with Remax Estate Properties - BRE #01368971

The number of homes listed for sale in the City of Palos Verdes Estates during 2011 has been relatively steady, averaging 78 homes., however the number of homes for sale as of the end of 2011 dropped dramatically to only 41 homes on the market, a 48% decrease from the same time last year The  average number of homes sold per month during this same period has also been very steady, averaging 15 sales per month, however the average monthly number of homes sold during the last quarter was down to 12.  This equates to less than 4 months of inventory.

 
 
 
 
 
     
 Curnt vs. Prev Month Dec. 11 Nov. 11 % Change

Curnt vs. Same Month 1 Yr Ago

Dec. 11

 

Dec. 10

% Change

Curnt vs. Same Qtr 1 Yr Ago

Oct. 11 to Dec 11

 

Oct. 10 to Dec. 10

. % Change
For Sale 41 68 -39.7% 41 79 -48.1% 61 90 -32.2%
Sold 13 15 -13.3% 13 16 -18.7% 12 12 0%    
Pended 14 14 0%     14 11 27.3% 15 11 36.4%
 

The average price per square foot over the last 3 months has been $499 per sq. ft., a decrease of 12% over the comparable period last year. This decrease is primarily due to a drop in price per sq. ft. for homes sold in November, however prices for homes in December rebounded higher. 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. 

 
 
 
       
 Curnt vs. Prev Month Dec. 11 Nov. 11 % Change

Curnt vs. Same Month 1 Yr Ago

Dec. 11

 

Dec. 10

 

% Change

Curnt vs. Same Qtr 1 Yr Ago

Oct. 11 to Dec. 11

 

Oct. 10 to Dec. 10

 

% Change

Avg. Sq. Ft. Price 534 457 17% 534 562 -4.9% 499 565 -11.7%
 
 
 
 
As noted in the chart below,  the time to sell a home in Palos Verdes Estates has decreased to less than 2 months after peaking
in October.  The percentage of list price for homes sold has also been consistent in the 91 to 93% range. 
 
 
 
 
 
 
       
 Curnt vs. Prev Month Dec. 11 Nov. 11 % Change

Curnt vs. Same Month 1 Yr Ago

Dec. 11

 

Dec. 10

 

% Change

Curnt vs. Same Qtr 1 Yr Ago

Oct. 11 to Dec. 11

 

Oct. 10 to Dec. 10

 

% Change

Days on Market 50 53 -5.7% 50 93 -46.2% 61 73 -16.4%
Sold/Orig LP Diff. % 92 90 2.2% 92 91 1.1% 91 92 -1.1%
 
 
 
With the current record low interest rates and the stabilized market, now is an excellent time to purchase a home in Palos Verdes Estates.

Comments (1)

Sharon Parisi
United Real Estate Dallas - Dallas, TX
Dallas Homes

Maureen, I like the format of your market report. The stats are relevant and easy to ready!

Jan 08, 2012 01:05 PM