The real estate market for single family residences on the Palos Verdes Peninsula has been relatively stable, with signs of improvement. The number of homes in escrow has taken a sharp increase in the last two months, projecting an increase in sales over the next month or two.
The average number of properties listed for sale during the last 3 months is approx. 25% 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 39 over the last 3 months is about 3% higher than the comparable period last year. Pending sales in escrow, however, have increased to 62 homes, a 59% increase over the comparable period last year, forecasting an increase in sales over the next two months.
The average price per sq. ft. for homes sold over the last 3 months of $464 per sq. ft. is down approx. 4% over the comparable period last year. The average price per sq. ft. of homes sold in 2011 had been relatively steady but has fluctuated a bit the last 4 months, but did reach $509 per sq. ft. in January, the highest in 2 years.
Based on the average monthly sales of 39 homes over the last 3 months, the current inventory of 180 homes for sale equates to less than 5 months inventory.
The average price of the 119 homes sold on the Palos Verdes Peninsula during the last 3 months was $1.4 million, up aprox. 3% compared t the average price of homes sold in the comparable period last year, but did take a large drop in February 2012. The average listing price for homes during the last 3 months of $2.2 million 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. 3 months, and properties are selling at approx. 90% of current list price. The large increase in days on the market for properties sold in February is actually a good sign showing that several properties that had been on the market for a long time were finally sold, which shows the relative lack of inventory when properties which have been on the market a long time start to sell.