The inventory of unsold condos and townhomes on the Palos Verdes Peninsula of 26 units at the end of March is 30% higher that at the same time a year ago. The average number of sales per month over the last 3 months of 12 units per month up approx. 20% compared to a year ago however. There are 18 units in escrow at the end of March.
The average list price over the last 3 months for a condo or townhome on the Palos Verdes Peninsula of $871,000 has decreased approx. 8% over this time last year. The Average sold price of $690,000 over the last 3 months is down approx. 11%, compared to the prior years 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 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.