The inventory of unsold single family homes on the Palos Verdes Peninsula as of the end of December of 145 units is up approx. 1% compared to this time a year ago. The number of sales over the last 3 months of 167 units (average of 56 per month) is up 7% compared to a year ago. There are only 34 units in escrow at the end of December, however.
The average price per square foot of homes sold on the Palos Verdes Peninsula over the last 3 months of $604 per sq. ft. is up approx. 3% compared to the similar period last year.
The average days on market to sell a home on the Palos Verdes Peninsula has been approx. 2 to 3 months recently. Homes are currently selling at an average of 94% of list price.
With 145 units for sale at the end of December and the average monthly sales over the last 3 months of 56 units sold equates to less than 3 months of inventory. The chart below is based upon the most recent month’s sales.
The average list price for a home on the Palos Verdes Peninsula is approx. $2.8 million. The Average sold price of $1.7 million over the last 3 months, however, is down 6% compared to the prior years comparable 3 months . There continues to be a wide gap in the average list price and the average sold price, indicating that the lower priced homes are selling at a quicker pace.