.

Palos Verdes October 2012 Single Family Real Estate Market Report

Here is the October 2012 Single Family Real Estate Market Report encompassing all cities on the Palos Verdes Peninsula.

The average number of properties listed for sale for the overall Palos Verdes Peninsula during the last 3 months is approximately 39 percent lower than the comparable period 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 58 over the last three months is about 23 percent higher than the comparable period last year. Pending sales in escrow have been strong, with 72 homes in escrow at the end of October, forecasting continuing strong sales over the next two months.

Oct. 12 Sep. 12 Curnt vs. Prev Month % Change Oct. 12 Oct. 11 Curnt vs. Same Month 1 Yr Ago % Change Aug. 12 to Oct. 12 Aug. 11 to Oct. 11 Curnt vs. Same Qtr 1 Yr Ago % Change For Sale 148 166 -10.8% 148 238 -37.8% 159 259 -38.6% Sold 55 58 -5.2% 55 38 44.7% 58 47 23.4% Pended 72 56 28.6% 72 48 50% 59 50 18%

The average price per square foot for homes sold over the last three months of $473 per square foot is up slightly from the same compared to the comparable period last year. The average price per square foot of homes in October did reach $501 per square foot in January, near the highest in two years.

Oct. 12 Sep. 12 Curnt vs. Prev Month % Change Oct. 12 Oct. 11 Curnt vs. Same Month 1 Yr Ago % Change Aug. 12 to Oct. 12 Aug. 11 to Oct. 11 Curnt vs. Same Qtr 1 Yr Ago % Change Avg. Sq. Ft. Price 501 466 7.5% 501 471 6.4% 473 467 1.1%

Based on the average monthly sales of 58 homes over the last three months, the current inventory of 148 homes for sale equates to less than a three-month inventory

The average price of the homes sold on the Palos Verdes Peninsula during the last three months averaged $1.3 million, up approximately 2 percent compared to the average price of homes sold in the comparable period last year, taking a large drop in February 2012, but then increasing and remaining steady over the last 8 months. The average listing price for homes during the last three months of $2.3 million shows that the lower priced homes are selling faster than the higher priced homes. The average list price has increased five months in a row.

Oct. 12 Sep. 12 Curnt vs. Prev Month % Change Oct. 12 Oct. 11 Curnt vs. Same Month 1 Yr Ago % Change Aug. 12 to Oct. 12 Aug. 11 to Oct. 11 Curnt vs. Same Qtr 1 Yr Ago % Change Avg. Active Price 2326 2269 2.5% 2326 2271 2.4% 2286 2211 3.4% Avg. Sold Price 1322 1332 -0.8% 1322 1294 2.2% 1341 1320 1.6%

Days on Market to sell a property has been averaging approximately three months, and properties are selling at approximately 93 percent of original list price.

For other market reports for the Palos Verdes Peninsula, go to Market Reports on my website.

This post is contributed by a community member. The views expressed in this blog are those of the author and do not necessarily reflect those of Patch Media Corporation. Everyone is welcome to submit a post to Patch. If you'd like to post a blog, go here to get started.

Boards

More »
Got a question? Something on your mind? Talk to your community, directly.
Note Article
Just a short thought to get the word out quickly about anything in your neighborhood.
Share something with your neighbors.What's on your mind?What's on your mind?Make an announcement, speak your mind, or sell somethingPost something