Summary: The number of condos and townhomes listed for sale on the Palos Verdes Peninsula at the end of December is 28% higher than at this time last year and the number of homes sold during the last three months is down 40% compared to the prior year, resulting in unsold inventory of 3 months supply. Prices of $460 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. Condos and townhomes taking only approx. 1 month to sell.
The inventory of unsold condos and townhomes on the Palos Verdes Peninsula of 27 units at the end of December is 28% higher that at the same time a year ago. The average number of sales per month over the last 3 months of 10 units per month down approx. 40% compared to a year ago however. There are 17 units in escrow at the end of December.
The average price per square foot of condos and townhomes sold on the Palos Verdes Peninsula over the last 3 months of $460 per sq. ft. is down 3% over the similar period last year.
The average days on market to sell a condo or townhome on the Palos Verdes Peninsula has been approx. 1 month recently. Condos and townhomes are currently selling at an average of 97% of list price.
With 27 units for sale at the end of December and the average monthly sales over the last 3 months of 10 units sold equates to 3 months of inventory. The chart below is based upon the most recent months sales of only 4 units.
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The average list price over the last 3 months for a condo or townhome on the Palos Verdes Peninsula of $831,000 has decreased approx. 4% over this time last year. The Average sold price of $712,000 over the last 3 months is down approx. 3%, compared to the prior years comparable 3 months.
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For other market reports for the Palos Verdes Peninsula, go to Market Reports on my website. |
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 still relatively 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.
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