The Palos Verdes real estate market for condos and townhomes has continued to be strong, however the inventory of unsold condos and townhomes on the Palos Verdes Peninsula of 46 units has increased 100% over the last 4 months, and is up approx. 28% compared to a year ago. The average number of sales per month over the last 3 months of 15 units per month is 7% higher than the comparable period a year ago. There are 10 units in escrow at the end of June. Click here for a current search for condos and townhomes available for purchase on the Palos Verdes Peninsula..
The average price per square foot of condos and townhomes sold on the Palos Verdes Peninsula over the last 3 months of $393 per sq. ft. is up approx.20% compared to the similar period last year, the highest in the last three years.
The average days on market to sell a condo or townhome on the Palos Verdes Peninsula has been approx. 2 months recently. Condos and townhomes are currently selling at an average of 97% of list price.
The low level of inventory of 46 units for sale and the average monthly sales over the last 3 months of 15 units sold equates to about 3 months of inventory.
The average list price for a condo or townhome on the Palos Verdes Peninsula at the end of the third quarter of 2013 of $737,000, is 13% lower than a year ago. Lower priced units have been in greater demand, with the average sold price of $560,000 during the 3rd quarter up 7% compared to the prior years comparable quarter.
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It is imperative that a buyer of a condo or townhome unit carefully reviews the financial condition of the homeowners association. It is also important to determine the number of units occupied by renters in the project, as many lenders will not lend on a project that has too high of a percentage of non-owner occupied units.
With low interest rates and the recent correction in the market, with proper research, now is actually an excellent time for buyers to buy a condo or townhome on the Palos Verdes Peninsula.