Palos Verdes Peninsula Jan 2016 Condo and Townhome Real Estate Market Report

The average price per square foot of condos and townhomes sold on the Palos Verdes Peninsula over the last 3 months of $439per sq. ft. is up approx. 14% compared to the similar period last year.

 

 

The average days on market to sell a condo or townhome on the Palos Verdes Peninsula has been approx. 2 months recently. Condos and townhomes are currently selling at an average of 97% of list price.

With 25 units for sale at the end of January and the average monthly sales over the last 3 months of 11 units sold equates to just under 2-3 months of inventory. The chart below is based upon the most recent months sales.

 

The average list price for a condo or townhome on the Palos Verdes Peninsula of $817,000 has increased approx. 24% over this time last year. The Average sold price of $609,000 over the last 3 months, however, remained similar to the prior year's comparable 3 months.

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.