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Palos Verdes Peninsula ( All Cities ) October 2012 Single Family Real Estate Market Report

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.
 
 
       
  Oct. 12 Sep. 12 Curnt vs. Prev Month % Change Oct. 12 Oct. 11 Curnt vs. Same Month 1 Yr Ago % Change Aug. 12 to Oct. 12 Aug. 11 to Oct. 11 Curnt vs. Same Qtr 1 Yr Ago % Change
For Sale 148 166 -10.8% 148 238 -37.8% 159 259 -38.6%
Sold 55 58 -5.2% 55 38 44.7% 58 47 23.4%
Pended 72 56 28.6% 72 48 50% 59 50 18%
 

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.

 
 
       
  Oct. 12 Sep. 12 Curnt vs. Prev Month % Change Oct. 12 Oct. 11 Curnt vs. Same Month 1 Yr Ago % Change Aug. 12 to Oct. 12 Aug. 11 to Oct. 11 Curnt vs. Same Qtr 1 Yr Ago % Change
Avg. Sq. Ft. Price 501 466 7.5% 501 471 6.4% 473 467 1.1%

 

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.

 
       
  Oct. 12 Sep. 12 Curnt vs. Prev Month % Change Oct. 12 Oct. 11 Curnt vs. Same Month 1 Yr Ago % Change Aug. 12 to Oct. 12 Aug. 11 to Oct. 11 Curnt vs. Same Qtr 1 Yr Ago % Change
Avg. Active Price 2326 2269 2.5% 2326 2271 2.4% 2286 2211 3.4%
Avg. Sold Price 1322 1332 -0.8% 1322 1294 2.2% 1341 1320 1.6%
 
 

Days on Market to sell a property has been averaging approx. 3 months, and properties are selling at approx. 93% of original list price.

For other market reports for the Palos Verdes Peninsula, go toMarket Reportson mywebsite.

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 • November 23 2012 01:31PM
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