The number of homes listed for sale in the City of Palos Verdes Estates had been relatively steady, averaging 78 homes through most of 2011, but dropped substantially in December and has remained very low since then, and is down to only 42 homes on the market at the end of July down about 46% compared to a year ago. The average number of homes sold per month during the previous 3 months has averaged about 17 sales per month, with 16 homes in escrow as of the end of July. Click Here for a current search of homes for sale in Palos Verdes Estates.
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The following is a list of the 11 homes sold during the month of July 2012:
Address Sales Price Bd Bth Sqft $/Sq Yr. Built ML# Sold Date Days on Market
2727 Via Miguel $2,200,000 4 5.00 4,233 $519.73 1992 V11142915 7/12/12 254 1344 Palos Verdes DR $2,395,000 5 6.00 4,527 $529.05 2000 V12056409 7/18/12 42 1641 Chelsea RD $2,800,000 5 5.00 4,000 $700.00 2012 V12095938 7/18/12 218 1608 Via Barcelona $2,800,000 4 4.00 4,360 $642.20 1977 V12051453 7/31/12 101 1025 Via Nogales $1,475,000 4 3.00 2,702 $545.89 1955 V12079146 7/27/12 220 348 Via Almar $1,314,000 4 3.00 2,429 $540.96 1962 V12060221 7/06/12 41 373 Palos Verdes DR $2,265,750 4 3.00 3,100 $730.89 1925 S12042355 7/20/12 90 4428 Via Pavion $835,000 4 2.00 2,074 $402.60 1965 S12041418 7/27/12 78 4020 Via Valmonte $931,000 4 3.00 2,660 $350.00 1953 S11089939 7/21/12 372 4028 Via Largavista $1,269,000 3 2.00 2,031 $624.82 1948 V12095691 7/31/12 60 Average $1,828,475 4.0 3.60 3,212 $559 148
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The average price per square foot over the last 3 months has been $548 per sq. ft., up approx. 3% from the comparable period last year. The overall market appears to have stabilized over the last 12 months.This market has not been nearly as impacted by the foreclosure sales which have severely affected inland markets.
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The number of days on the market for homes sold during the last 5 months has generally ranged from 3 to 4 months
This is somewhat a result of the low number of homes on the market where the low selection of homes has not inspired buyers.
Homes are selling for an average of approx. 92% of original list price. This is due to sellers initially listing their
homes at an unrealistic initial list price.
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The average list price of homes on the market has risen approx. 21% over the last year to approx. $2,7 million, however the average price of homes sold is much lower at approx. $1.8 million at the end of May, indicating that the less expensive homes on the market are moving at a faster pace.
Based upon the average number of homes sold over the last 3 months of 17 homes per month, and the 42 homes on the market as of the end of July would indicate an inventory of approx. 2.5 months.
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