Palos Verdes Peninsula 4th Quarter 2012 Single Family Real Estate Market Report

The 102 single family homes listed for sale for the overall Palos Verdes Peninsula at the end of December is approximately 39 percent lower than the comparable time last year. Single-family home sales for the overall Palos Verdes Peninsula Real Estate Market have improved and the average number of homes sold per month of 55 over the last 3 months is about 20 percent higher than the comparable period last year.

There are 48 homes in escrow at the end of December. The average monthly price per square foot for single family homes sold on the Palos Verdes Peninsula during the 4th quarter was $491 per square foot, and has been relatively stable, and is up approximately 9 percent over the fourth quarter 2011.

Based on the average monthly sales of 55 homes over the last 3 months, the current inventory of 102 homes for sale is less than 2 months inventory

The average price of the homes sold on the Palos Verdes Peninsula during the last 3 months averaged $1.3 million, up approximately 5 percent compared to the average price of homes sold in the comparable period last year, after having taken a large drop in February 2012. The average listing price for homes has risen during the last 3 months to $2.5 million and shows that the lower priced homes are selling faster than the higher priced homes.

Days on Market to sell a property has been averaging approximately 2 to 3 months, and properties are selling at approximately 94 percent of original list price.

For other market reports for the Palos Verdes Peninsula, go to Market Reports on my website.

For more information about Palos Verdes and South Bay Real Estate and buying and selling a home on the Palos Verdes Peninsula, visit my website at maureenmegowan.com. I would love to hear your comments or suggestions.