Palos Verdes Peninsula 4th Quarter 2013 Single Family Home Real Estate Market Report

The single family home real estate market on the Palos Verdes Peninsula continues to be relatively strong. Very low inventory levels of homes for sale however has led to decreased sales activity over the last quarter. Home prices continue to increase however.
The 94 properties listed for sale for the overall Palos Verdes Peninsula at the end of December is approx. 11% lower than the comparable time last year. Single Family home sales for the overall Palos Verdes Peninsula Real Estate Market have declined and the average number of homes sold per month of 50 over the last 3 months is about 9% lower than the comparable period last year .There are only 40 homes in escrow at the end of December, forecasting lower sales activity for the next quarter.

Dec. 13 Nov. 13 Curnt vs. Prev Month % Change Dec. 13 Dec. 12 Curnt vs. Same Month 1 Yr Ago % Change Oct. 13 to Dec. 13 Oct. 12 to Dec. 12 Curnt vs. Same Qtr 1 Yr Ago % Change
For Sale 94 129 -27.1%  94 106 -11.3%  125 129 -3.1% 
Sold 46 56 -17.9%  46 60 -23.3%  50 55 -9.1% 
Pended 40 43 -7%  40 42 -4.8%  43 56 -23.2% 
The average monthly price per sq. ft. for single family homes sold on the Palos Verdes Peninsula during the 4th quarter was $532 per sq. ft., and has been increasing over the last 10 months, and is up approx. 9% over the 4th quarter 2012.
Dec. 13 Nov. 13 Curnt vs. Prev Month % Change Dec. 13 Dec. 12 Curnt vs. Same Month 1 Yr Ago % Change Oct. 13 to Dec. 13 Oct. 12 to Dec. 12 Curnt vs. Same Qtr 1 Yr Ago % Change
Avg. Sq. Ft. Price 541.6 521.3 3.9%  541.6 488.3 10.9%  532.8 491.1 8.5% 

Based on the average monthly sales of 50 homes over the last 3 months, the current inventory of 94 homes for sale is about 2 months inventory

The average price of the homes sold on the Palos Verdes Peninsula during the last 3 months averaged $1.5 million, up approx. 9% compared to the average price of homes sold in the comparable period last year. The average listing price for homes has increased over the last 4 months to $3.1 million, and shows that the lower priced homes are selling faster than the higher priced homes.

Dec. 13 Nov. 13 Curnt vs. Prev Month % Change Dec. 13 Dec. 12 Curnt vs. Same Month 1 Yr Ago % Change Oct. 13 to Dec. 13 Oct. 12 to Dec. 12 Curnt vs. Same Qtr 1 Yr Ago % Change
Avg. Active Price 3107 2906 6.9%  3107 2833 9.7%  2892 2567 12.7% 
Avg. Sold Price 1591 1456 9.3%  1591 1425 11.6%  1472 1350 9% 
Days on Market to sell a property has been averaging approx. 2 to 3 months, and properties are selling at approx. 94% of original list price.
For other market reports for the Palos Verdes Peninsula, go to Market Reports on my website.

About mmegowan

I am a realtor with Remax Estate Properties in Palos Verdes Estates. Visit my website at http://www.maureenmegowan.com
This entry was posted in Uncategorized. Bookmark the permalink.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s