Palos Verdes October 2012 Single Family Real Estate Market Report

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.

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.

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.

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.