The number of properties listed for sale for the overall Palos Verdes Peninsula at the end of January of 122 properties is 23% greater than the same time last year. Single Family home sales for the overall Palos Verdes Peninsula Real Estate Market had been declining and the average number of homes sold per month of 48 over the last 3 months is about 9% lower than the comparable period last year. Pending sales in escrow have slowed down considerably as well, with only 37 homes in escrow at the end of January, forecasting weaker 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 $537 per sq. ft. is up 12% from the same compared to the comparable period last year and has been trending up over the last 11 months.
Based on the average monthly sales of 48 homes over the last 3 months, the current inventory of 122 homes for sale equates to between a 2 to 3 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 $1.6 million, up approx. 21% compared to the average price of homes sold in the comparable period last year and has increased each of the last 3 months.
The average listing price for homes during the last 3 months of $3.1 million is up approx. 15% over the comparable period last year. 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 to 3 months but has increased significantly over the last 2 months, and properties are selling at approx. 92% of original list price.For other market reports for the Palos Verdes Peninsula, go to Market Reports on my website.