Palos Verdes Peninsula 3rd Quarter 2018 single family real estate market report

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

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..
 
Based on the average monthly sales of 56 homes over the last 3 months, the current inventory of 226 home for sale equates to 4 months inventory. The chart below is based upon the most recent months sales of only 39 homes.
 

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.

 

 

For other market reports for the Palos Verdes Peninsula, go to Market Reports on
my web site.
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Maureen Megowan

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