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.
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.
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.
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.
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