Summary: The number of homes listed for sale on the Palos Verdes Peninsula has increased to seasonal levels, but the number of homes on the market at the end of March is 4% lower than at this time last year but the number of homes sold during the last three months is up 7% compared to the prior year, resulting in unsold inventory of just over 3 months supply. Prices per square foot are down approx. 3% compared to the prior year's quarterly average. Lower priced homes are moving faster than the upper end of the market. The market has also been very active with houses taking only approx. 2 months to sell.
The number of properties listed for sale for the overall Palos Verdes Peninsula at the end of March of 152 properties is 4% lower than at the same time last year, and the average number of homes sold per month of 47 over the last 3 months is 7% higher than the comparable period last year. There are 74 homes in escrow at the end of March, 12% higher than at the end of March last year.
The average price per sq. ft. for homes sold over the last 3 months of $629 per sq. ft.
is 3% lower 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 $1.8 million, down about 1% 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 $3.5 million is 4% lower 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 months, a significant improvement over the year and properties are selling at approx. 95% of original list price, indicating a very competitive market.