The real estate market on the Palos Verdes Peninsula continues to be strong. Factors affecting the market include continuing low interest rates for buyers ( although interest rates have risen about 1% the last month or so), the lack of competitive properties for sale making for less competition to sell your home, and an improving economy.
The average number of properties listed for sale for the overall Palos Verdes Peninsula at the end of July is approx. 22% 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 67 over the last 3 months is about 16% higher than the comparable period last year . Pending sales in escrow have been strong , with 74 homes in escrow at the end of July, 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 $524 per sq. ft. is up 8% compared to the comparable period last year and has increased for 5 consecutive months.
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Based on the average monthly sales of 67 homes over the last 3 months, the current inventory of 148 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. 4% 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 $2.8 million is up approx. 25% over the comparable period last year 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 .
