Summary: The number of homes listed for sale on the Palos Verdes Peninsula surged significantly higher this summer ( although dipping in September) with the number of homes sold during the last three months down 10% compared to the prior year, leading to an increase in unsold inventory to almost a 4 months supply. Prices per square foot are unchanged compared to the prior year's quarterly average. Lower priced homes are also moving faster than the upper end of the market. Houses have also been taking approx. 2 months to sell.
The number of properties listed for sale for the overall Palos Verdes Peninsula at the end of September of 216 properties is 2% higher than the same time last year, and the average number of homes sold per month of 57 over the last 3 months is 10% less than the comparable period last year with sales taking a significant dip in September. There are 66 homes in escrow at the end of September.
The average price per sq. ft. for homes sold over the last 3 months of $621 per sq. ft. is unchanged compared to the comparable period last year.
The average price of the homes sold on the Palos Verdes Peninsula during the last 3 months averaged $1.7 million, down about 7% 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 $3.0 million is 7% higher than 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 about 2 months, and properties are selling at approx. 95% of original list price.
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