Summary: The number of homes listed for sale on the Palos Verdes Peninsula of 179 homes is 18% higher than last year and the number of homes sold during the last three months is 21% lower compared to the prior year, resulting in unsold inventory of 5 months supply. Prices per square foot are up approx. 11% 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 about 2 months to sell.

The number of properties listed for sale for the overall Palos Verdes Peninsula at the end of March of 179 properties is 18% higher than at the same time last year, and the average number of homes sold per month of 38 over the last 3 months is 21% lower than the comparable period last year. There are 67 homes in escrow at the end of March,  6% higher than at the end of March last year.

The average price per sq. ft. for homes sold over the last 3 months of $696 per sq. ft.  is 11% higher compared to the comparable period last year..

 

Based on the average monthly sales of 38 homes over the last 3 months, the current inventory of 179 home for sale equates to about 5 months inventory. The chart below is based upon the most recent months sales.

 

The average price of the homes sold on the Palos Verdes Peninsula during the last 3 months averaged $2.1million, up about 14% 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 $3.1 million is 1% 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 2 months and properties are selling at approx. 93% 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.