The number of properties listed for sale for the overall Palos Verdes Peninsula at the end of Octobert of 153 properties is approx. the same as the same time last year. Single Family home sales for the overall Palos Verdes Peninsula Real Estate Market had been improving and the average number of homes sold per month of 61 over the last 3 months is about 5% higher than the comparable period last year, however only 49 home sales closed in October . Pending sales in escrow have slowed down considerably as well, with only 45 homes in escrow at the end of October, 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 $534 per sq. ft. is up 13% from the same compared to the comparable period last year and has been trending up over the last 8 months.
Based on the average monthly sales of 61 homes over the last 3 months, the current inventory of 153 homes for sale equates to just a bit over a 2 months inventory, which historically is extremely low. Based upon the low amount of sales in October of only 49 homes, however, this indicates an inventory of approx. 3 months sales.
The average price of the homes sold on the Palos Verdes Peninsula during the last 3 months averaged $1.4 million, up approx. 7% 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. 17% 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 months and properties are selling at approx. 96% of original list price.
