Palos Verdes Peninsula Market Report August 2015

The number of properties listed for sale for the overall Palos Verdes Peninsula at the end of August of 204 properties is 6% lower than the same time last year, however the average number of homes sold per month of 74 over the last 3 months is 7% higher than the comparable period last year. There are 87 homes in escrow at the end of August.

The average price per sq. ft. for homes sold over the last 3 months of $620 per sq. ft. is up 9% from the same compared to the comparable period last year.
Based on the average monthly sales of 74 homes over the last 3 months, the current inventory of 204 homes for sale equates to about 3 months inventory, which historically is extremely low. The chart below is based upon the most recent months sales.

The average price of the homes sold on the Palos Verdes Peninsula during the last 3 months averaged $1.9 million, up approx. 15% compared to the average price of homes sold in the comparable period last year. The average listing price for homes during the last 3 months of $2.8 million is about the same as the comparable period last year. These statistics show that lower priced homes are selling faster than the higher priced homes.

 

Days on Market to sell a property has been averaging a bit more than 2 months, and properties are selling at approx. 96% of original list price.

For other market reports for the Palos Verdes Peninsula, go to Market Reports on
my web site. For information about buying and selling a home on the Palos Verdes Peninsula, see my website at http://www.maureenmegowan.com .

About mmegowan

I am a realtor with Remax Estate Properties in Palos Verdes Estates. Visit my website at http://www.maureenmegowan.com
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