The average price per sq. ft. for homes sold over the last 3 months of $524 per sq. ft. is up 11% from the same compared to the comparable period last year and had increased for 5 consecutive months but decreased a bit in August.
Based on the average monthly sales of 69 homes over the last 3 months, the current inventory of 147 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 $1.5 million, up approx. 6% 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 $2.7 million is up approx. 19% over the comparable period last year but has decreased over the last 5 months. 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 approx. 2 months and properties are selling at approx. 96% of original list price.