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City of Palos Verdes Estates February 2012 Single Family Real Estate Market Report

The number of homes listed for sale in the City of Palos Verdes Estates had been relatively steady, averaging 78 homes through most of 2011, but dropped substantially in December, but is increasng again, and is down about 32% compared to a year ago.  The average number of homes sold per month during the previous 3 months had also been very steady, averaging 15 sales per month, but with 11 homes sold in February This equates to approx. 4 to 5 months of inventory.

 
 
 
 
 
  Curnt vs. Prev Month Curnt vs. Same Month 1 Yr Ago Curnt vs. Same Qtr 1 Yr Ago
  Feb. 12 Jan. 12 % Change Feb. 12 Feb. 11 % Change Dec. 11 to Feb. 12 Dec. 10 to Feb. 11 % Change
For Sale 51 50 2% 51 75 -32% 47 74 -36.5%
Sold 10 15 -33.3% 10 14 -28.6% 13 14 -7.1%
Pended 11 8 37.5% 11 14 -21.4% 11 15 -26.7%
 
 
 

The average price per square foot over the last 3 months has been $534 per sq. ft., about the same as the comparable period last year.  The overall market appears to have stabilized.This market has not been nearly as impacted by the foreclosure sales which have severely affected inland markets. 

 
 
 
 
 
 
 
  Curnt vs. Prev Month Curnt vs. Same Month 1 Yr Ago Curnt vs. Same Qtr 1 Yr Ago
  Feb. 12 Jan. 12 % Change Feb. 12 Feb. 11 % Change Dec. 11 to Feb. 12 Dec. 10 to Feb. 11 % Change
Avg. Sq. Ft. Price 510 550 -7.3% 510 517 -1.3% 534 533 0.1%
 
The  number of days on the market for homes sold during the last 8 months has averaged a little more than two months
but the average of the 11 homes sold in February was almost 7 months.  Homes are selling for an average of approx. 90% of list
price. This is due to sellers initially listing their homes at an unrealistic initial list price.
  
The average list price of homes on the market has risen approx. 17% over the last year, however the average list
price of homes sold has decreased 5% compared to the previous years quarter, with a substantial decrease in the
average price of a home sold during the month of February.

 

 
 
 
 
 
  Curnt vs. Prev Month Curnt vs. Same Month 1 Yr Ago Curnt vs. Same Qtr 1 Yr Ago
  Feb. 12 Jan. 12 % Change Feb. 12 Feb. 11 % Change Dec. 11 to Feb. 12 Dec. 10 to Feb. 11 % Change
Avg. Active Price 2725 2670 2.1% 2725 2274 19.8% 2729 2332 17%
Avg. Sold Price 1190 1734 -31.4% 1190 1534 -22.4% 1526 1602 -4.7%
 
 
The following is a list of the 11 homes sold during the month of February 2012:
 
Address                 Sales Price Bd Bth Sqft $/Sq  Yr. Built ML# Sold Date     Days on Market

1812 Dalton RD           $1,051,000 3 2.00 2,485 $422.94 1971 11564429   2/17/12             83

1025 Granvia Altamira    $825,000 3 2.00 1,677 $491.95 1958 S11046592 2/14/12           262

22 Coronel Plaza            $910,000 3 3.00 2,166 $420.13 1974 S10127224 2/22/12            395

1200 Via Gabriel           $1,255,000 4 3.00 2,039 $615.50 2007 S12005143 2/25/12             9

1605 Via Montemar         $780,000 3 2.00 2,019 $386.33 1956 S11142434 2/28/12           116

408 Via Almar               $3,100,000 5 5.00 4,087 $758.50 2005 V11122831 2/17/12            81

4408 Via Pavion              $776,150 4 2.00 2,109 $368.02 1965 S10106853 2/03/12           466

4033 Via Pima                 $782,500 3 2.00 1,372 $570.34 1955 V11130290 2/07/12           112

3701 Via Cardelina          $910,000 2 2.00 1,998 $455.46 1952 V11144053 2/22/12            34

4464 Via Pinzon            $1,300,000 5 4.00 2,652 $490.20 1955 V11075182 2/09/12          234

3305 Via Palomino        $1,468,500 4 3.00 2,763 $531.49 1957 S11153582 2/15/12            45

Average                      $1,196,195 4.0 2.70 2,306 $501                                         167        

 
With the current record low interest rates and the stabilized market, now is an excellent time to purchase a home in Palos Verdes Estates.  Buyers do remain very cautious due to the turmoil in the stock market and the economy.
 
For other market reports for the Palos Verdes Peninsula, go to Market Reports on my website.
For a good article on the issues relating to the strengthening real estate market Real Estate Values.

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 • March 08 2012 02:01PM
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