Palos Verdes May 2013 Real Estate Market Report

Maureen Megowan, a realtor with Remax Estate Properties, provides a market report for May 2013 for the single family home market on the Palos Verdes Peninsula.

The real estate market for single family homes on the Palos Verdes Peninsula has been strong, characterized by very low inventory of homes for sale, increasing sales, and strong buyer demand.

The average number of properties listed for sale for the overall Palos Verdes Peninsula at the end of May is approx. 29% lower than the same 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 65 over the last 3 months is about 20% higher than the comparable period last year . Pending sales in escrow have been strong , with 75 homes in escrow at the end of May, forecasting continuing strong sales over the next two months. Click Here for a search for all homes listed for sale on the Palos Verdes Peninsula.

The average price per sq. ft. for homes sold over the last 3 months of $504 per sq. ft. is up 7% from the same compared to the comparable period last year.

Based on the average monthly sales of 65 homes over the last 3 months, the current inventory of 136 homes for sale equates to just a bit over a 2 months inventory, which historically is extremely low.

The average price of the homes sold on the Palos Verdes Peninsula during the last 3 months averaged $1.4 million, up approx. 5% 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 $2.9 million has been rising over the last 8 months 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 approx. 2 to 3 months and properties are selling at approx. 96% of original list price.

For other market reports for the Palos Verdes Peninsula, go to Market Reports on my website http://www.maureenmegowan.com