The average number of properties listed for sale for the overall Palos Verdes Peninsula during the last 3 months is approx. 39% lower than the comparable period last year. Single Family home sales for the overall Palos Verdes Peninsula Real Estate Market have improved and the average number of homes sold per month of 58 over the last 3 months is about 23% higher than the comparable period last year . Pending sales in escrow have been strong , with 72 homes in escrow at the end of October, forecating continuing strong sales over the next two months.
The average price per sq. ft. for homes sold over the last 3 months of $473 per sq. ft. is up slightly from the same compared to the comparable period last year. The average price per sq. ft. of homes in October did reach $501 per sq. ft. in January,near the highest in 2 years.
Based on the average monthly sales of 58 homes over the last 3 months, the current inventory of 148 homes for sale equates to less than a 3 months inventory
The average price of the homes sold on the Palos Verdes Peninsula during the last 3 months averaged $1.3 million, up approx. 2% compared to the average price of homes sold in the comparable period last year, taking a large drop in February 2012, but then increasing and remaining steady over the last 8 months. The average listing price for homes during the last 3 months of $2.3 million shows that the lower priced homes are selling faster than the higher priced homes. The average list price has increased 5 months in a row.
Days on Market to sell a property has been averaging approx. 3 months, and properties are selling at approx. 93% of original list price.