The inventory of unsold single family homes on the Palos Verdes Peninsula of 143 units is up approx. 35% compared to this time a year ago. The average number of sales per month over the last 3 months of 40 units per month is down 26% compared to a year ago. There are 66 units in escrow at the end of March, however.
The average price per square foot of homes sold on the Palos Verdes Peninsula over the last 3 months of $555 per sq. ft. is up approx. 17% compared to the similar period last year.
The average days on market to sell a home on the Palos Verdes Peninsula has been approx. 2 to 3 months recently. Homes are currently selling at an average of 94% of list price.
With 143 units for sale at the end of March and the average monthly sales over the last 3 months of 40 units sold equates to about 3 months of inventory.
The average list price for a home on the Palos Verdes Peninsula in the chart below has fluctuated widely over the last 4 months. The Average sold price of $1.6 million over the last 3 months, however, is up 21% compared to the prior years comparable 3 months . There continues to be a wide gap in the average list price and the average sold price, indicating that the lower priced homes are selling at a quicker pace. This is reflected by the fact that only 1 home was sold in Rolling Hills in the last quarter while 17 homes are listed for sale.
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 http://www.maureenmegowan.com . I try to make this the best real estate web blog in the South Bay Los Angeles and the Palos Verdes Peninsula. I would love to hear your comments or suggestions.