Summary: The number of homes listed for sale on the Palos Verdes Peninsula of 226 homes is 20% higher than last year and the number of homes sold during the last three months is 19% lower compared to the prior year, resulting in unsold inventory of 4 months supply. Prices per square foot are up approx. 5% 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 1 to 2 months to sell.
The number of properties listed for sale for the overall Palos Verdes Peninsula at the end of September of 226 properties is 20% higher than at the same time last year, and the average number of homes sold per month of 56 over the last 3 months is 19% lower than the comparable period last year. There are 45 homes in escrow at the end of September, 23% lower than at the end of September last year.
The average price per sq. ft. for homes sold over the last 3 months of $656 per sq. ft.
is 5% higher 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 $1.7 million, up about 3% 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 $3.0 million is 9% 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 1 to 2 months and properties are selling at approx. 97% of original list price, indicating a very competitive market.