Maureen Megowan, a Realtor with Remax Estate Properties provides a Palos Verdes Peninsula 3rd Quarter 2013 Single Family Real Estate Market Report
The single family home real estate market on the Palos Verdes Peninsula continues to be strong. Relatively low inventory levels of homes for sale, combined with continuing historically low interest rates (although rates have increased about 1 percentage point) leading to good buyer activity, has created an environment where many homes are receiving multiple offers. The 148 properties listed for sale for the overall Palos Verdes Peninsula at the end of September is approx. 14% 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 69 over the last 3 months is about 26% higher than the comparable period last year . The combination of low inventory and an active buyers market has led to multiple offers on many properties. There are 65 homes in escrow at the end of September, forecasting continuing strong sales activity for the next quarter.
The average monthly price per sq. ft. for single family homes sold on the Palos Verdes Peninsula during the 3rd quarter was $531 per sq. ft., and has been increasing over the last 7 months, and is up approx. 14% over the 3rd quarter 2012.
Based on the average monthly sales of 69 homes over the last 3 months, the current inventory of 148 homes for sale is a bit more than 2 months inventory.
The average price of the homes sold on the Palos Verdes Peninsula during the last 3 months averaged $1.5 million, up approx. 9% compared to the average price of homes sold in the comparable period last year. The average listing price for homes, after having risen steadily for 11 months to $3.1 million in March, has decreased over the last three months to $2.7 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 approx. 2 months, and properties are selling at approx. 97% 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 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.
