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City of Palos Verdes Estates August 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 and has remained very low since then, and is down to only 40 homes on the market at the end of August down about 49% compared to a year ago.  The average number of homes sold per month during the previous 3 months has averaged about 16 sales per month, with 9 homes in escrow as of the end of August.  Click Here for a current search of homes for sale in Palos Verdes Estates.

 
 
The following is a list of the 15 homes sold during the month of August 2012:
 
Address                   Sales Price Bd Bth Sqft $/Sq  Yr. Built ML# Sold Date   Days on Market

708 Avenida Mirola      $1,138,500 4 3.00 2,030 $560.84 1961 S12069955 8/07/12               29

2416 Via Amador         $1,150,000 3 3.00 1,861 $617.95 1968 V12082051 8/08/12               4

1812 Via Olivera           $1,200,000 5 4.00 3,094 $387.85 1976 S12000010 8/13/12            445

1372 Via Coronel          $1,500,000 6 5.00 4,368 $343.41 1976 P784591      8/09/12            335

3022 Via Borica             $1,500,000 5 3.00 2,663 $563.27 1968 V12081226 8/10/12             43

1432 Via Coronel           $1,860,000 5 5.00 4,300 $432.56 1976 V12071676 8/30/12           151

1429 Via Coronel           $2,100,000 4 4.00 5,532 $379.61 1987 V12036007 8/31/12           166

1557 Via Leon                $2,288,000 4 5.00 4,560 $501.75 1978 S12048045 8/21/12           119

1628 Paseo Del Mar        $3,180,000 5 5.00 4,583 $693.87 1999 V12076363 8/24/12           93

2316 Paseo Del Mar        $3,541,000 4 5.00 5,063 $699.39 1981 V12085529 8/16/12            38

1316 Vuelta PL                $1,275,000 4 3.00 2,552 $499.61 1964 V12081817 8/28/12            51

1120 Granvia Altamira     $1,565,000 4 3.00 2,922 $535.59 1967 V12061763 8/21/12            39

2217 Via La Brea             $2,050,000 5 5.00 4,350 $471.26 1955 V12034681 8/18/12          154

605 Via Del Monte            $2,300,000 4 3.00 3,169 $725.78 1932 V12074545 8/17/12           34

705 Via Del Monte            $2,450,000 4 5.00 4,070 $601.97 1987 S12054226 8/21/12           98

4132 Via Picaposte           $1,000,000 3 3.00                           1934 V12073505 8/07/12          123

 

Average                          $1,881,094 4.0 4.00 3,674 $534                                         120 

 
 
 
 
 
 
 
 
 
 
 
       
  Aug. 12 Jul. 12 Curnt vs. Prev Month % Change Aug. 12 Aug. 11 Curnt vs. Same Month 1 Yr Ago % Change Jun. 12 to Aug. 12 Jun. 11 to Aug. 11 Curnt vs. Same Qtr 1 Yr Ago % Change
For Sale 40 42 -4.8% 40 78 -48.7% 41 81 -49.4%
Sold 15 11 36.4% 15 18 -16.7% 16 14 14.3%
Pended 9 14 -35.7% 9 12 -25% 12 11 9.1%

                                    

The average price per square foot over the last 3 months has been $539 per sq. ft., up approx. 3% from the comparable period last year. The overall market appears to have stabilized over the last 12 months.This market has not been nearly as impacted by the foreclosure sales which have severely affected inland markets. 

 
 
 
 
 
 
       
  Aug. 12 Jul. 12 Curnt vs. Prev Month % Change Aug. 12 Aug. 11 Curnt vs. Same Month 1 Yr Ago % Change Jun. 12 to Aug. 12 Jun. 11 to Aug. 11 Curnt vs. Same Qtr 1 Yr Ago % Change
Avg. Sq. Ft. Price 536 553 -3.1% 536 505 6.2% 539 521 3.4%
 
  
The  number of days on the market for homes sold during the last 5 months has generally ranged from 3 months
This is somewhat a result of the low number of homes on the market where the low selection of homes has not inspired buyers.
Homes are selling for an average of approx. 94% of original 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. 20% over the last year to approx. $2,9 million, however the average price of homes sold is much lower at approx. $1.9 million at the end of August, indicating that the less expensive homes on the market are moving at a faster pace.

 

 
 
 
 
 
       
  Aug. 12 Jul. 12 Curnt vs. Prev Month % Change Aug. 12 Aug. 11 Curnt vs. Same Month 1 Yr Ago % Change Jun. 12 to Aug. 12 Jun. 11 to Aug. 11 Curnt vs. Same Qtr 1 Yr Ago % Change
Avg. Active Price 2855 2597 9.9% 2855 2349 21.5% 2716 2273 19.5%
Avg. Sold Price 1882 1831 2.8% 1882 1384 36% 1814 1621 11.9%
Based upon the average number of homes sold over the last 3 months of 16 homes per month, and the 40 homes on the market as of the end of July would indicate an inventory of approx. 2.5 months. 
 
 
 
 
 
 
  
 
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 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 • September 10 2012 11:16AM
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