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Palos Verdes 2nd quarter 2018 Condo and Townhome Real Estate Market Report

Summary: The number of condos and townhomes listed for sale on the Palos Verdes Peninsula at the end of June is 17% higher than at this time last year but the number of homes sold during the last three months is down 7% compared to the prior year, but still resulting in unsold inventory of just 1 month supply. Prices of $479 per square foot are up approx. 10% compared to the prior year's quarterly average. Lower priced homes are moving faster than the upper end of the market. The market has also been very active with condos and townhomes taking only approx. 1 month to sell.
The inventory of unsold condos and townhomes on the Palos Verdes Peninsula of 34 units at the end of June is up approx. 17% compared to this time a year ago. The average number of sales per month over the last 3 months of 16 units per month down approx. 9% compared to a year ago however. There are 15 units in escrow at the end of June.

 

The average price per square foot of condos and townhomes sold on the Palos Verdes Peninsula over the last 3 months of $479 per sq. ft. is up 10% over the similar period last year.
 
 
The average days on market to sell a condo or townhome on the Palos Verdes Peninsula has been approx. 1  month recently. Condos and townhomes are currently selling at an average of 100% of list price.
 
With 34 units for sale at the end of March and the average monthly sales over the last 3 months of 16 units sold equates to 2 months of inventory. The chart below is based upon the most recent months sales.
 
 
The average list price over the last 3 months for a condo or townhome on the Palos Verdes Peninsula of $897,000 has decreased approx. 5% over this time last year. The Average sold price of $730,000 over the last 3 months is up approx. 3%, compared to the prior years comparable 3 months significantly narrowing the gap between average list price and average price sold.
 
For other market reports for the Palos Verdes Peninsula, go to Market Reports on my website.

 

It is imperative that a buyer of a condo or townhome unit carefully reviews the financial condition of the homeowners association. It is also important to determine the number of units occupied by renters in the project, as many lenders will not lend on a project that has too high of a percentage of non-owner occupied units.

With historically low interest rates and the recent correction in the market, with proper research, now is actually an excellent time for buyers to buy a condo or townhome on the Palos Verdes Peninsula.

For more information about Palos Verdes and South Bay Real Estate and buying and selling a home on the Palos Verdes Peninsula, visit my website at http://www.maureenmegowan.com . I try to make this the best real estate web blog in the South Bay Los Angeles and the Palos Verdes Peninsula. I would love to hear your comments or suggestions.

Comment balloon 0 commentsMaureen Megowan • July 25 2018 07:34PM
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