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Palos Verdes and South Bay 2014 4th Quarter Real Estate Market Report

Simply Click on the 2014 4th Quarter Remax Market Report Desired Below:

Palos Verdes Peninsula 2014 Year End Market Information

Manhattan Beach and Hermosa Beach 2014 Year End Market Information

Redondo Beach 2014 Year End Market Information

Torrance 2014 Year End Market Information

San Pedro 2014 Year End Market Information

Palos Verdes Peninsula City and Individual Neighborhood 4th Quarter 2014 Detailed Real Estate Activity



Most recent Palos Verdes Peninsula city market reports:

City of Palos Verdes Estates 4th Quarter 2014 Single Family Real Estate Market Report

City of Rancho Palos Verdes 4th Quarter 2014 Single Family Real Estate Market Report

City of Rolling Hills Estates 4th Quarter 2014 Single Family Real Estate Market Report

City of Rolling Hills 4th 2014 Single Family Real Estate Market Report

Palos Verdes Peninsula ( All Cities ) 4th Quarterr 2014 Single Family Real Estate Market Report

Palos Verdes Peninsula ( All Cities) 4th Quarter 2014 Condo and Townhome Real Estate Market Report




2014 4th Quarter Market Report Palos Verdes Peninsula and South Bay Single Family Homes

The real estate market sales activity for the Palos Verdes Peninsula maintained solid activity during the 4th quarter 2014 with overall sales volume up about 4% and the inventory of homes for sale up 53% compared to the fourth quarter 2013 sales, which is equal to about 3 months of inventory. Pricing has been increasing, however, and buyers who can get financing are actively looking and aggressively offering where they see a deal. Sellers who are motivated to move are pricing their homes to sell. Buyers are taking advantage of continuing low interest rates.Buyer demand for renovated homes has led to some homes receiving multiple offers.

PRICE CHANGES:

Properties, on average, on the Palos Verdes Peninsula are selling for approx. 93% of list price. The average price per sq. ft. for Palos Verdes homes sold in the fourth quarter 2014 of $586 compared to the fourth quarter 2013, increased approx.10% overall, but varied city by city. Prices per sq. ft. for the Palos Verdes Peninsula are near the peak in 2007 of approx. $600 per sq. ft..

The following is a chart of the sales price per sq. ft. for homes on the Palos Verdes Peninsula. ( Note: I prefer to analyze average price per sq. ft. trends as the more often quoted "median" sales price is highly dependent on the mix of homes sold between less expensive homes and higher-end homes):

The following is a chart of the number of single family homes for sale, sold, and currently in escrow ( Pended) on the Palos Verdes Peninsula.



Sales volume has averaged 52 homes sold per month during the 4th Quarter, a 4% increase over the 4th quarter of 2013. There are 144 homes listed for sale as of the end of December, up 35% compared to the same time last year. There are 46 homes in escrow at the end of the 4th quarter 2014.

The figures included in the table below for the cities in the South Bay are only for the three months in the 3rd Quarter of 2014:

Location

2014 4th Qtr. Sales

% Change from 4th Qtr. 2013

Months Inventory

 

Sales Price Per
Sq. Ft.

# of Houses

Sales Price Per Sq. Ft.

Sales Volume

 

Palos Verdes Estates

$715

37 22%

(14%)

3

RPV, RHE & PVP

517 113

5%

9%

2

Rolling Hills

837

6

10%

20% 7

Manhattan Beach/Hermosa

963

139

16%

21%

1

Redondo Beach

563

108

10%

57%


1

Torrance

413

217

7%

8%

1

San Pedro

333

80

( 4%)

(7%)

3

 

The total inventory of single family homes for sale in the cities listed above is up approx. 30% compared to the prior year, and sales activity is also up 13%, and there is about 2 months of inventory. For most of the last two decades, L.A. County has averaged an 8 month inventory. Homes in the lower end of the price range have also been selling faster than the higher priced homes. Average price per sq. ft. for homes sold in the 4th quarter 2014 for the cities listed above is up approx. 13% overall compared to the 4th quarter of 2013.

FINANCING (See our web blog at http://mmegowan.activerain.com/ for rate updates):

Interest rates for Conforming Loans ($417,000 and below) as of 1/15/2015 are at approx. 3,6%. Rates for 30 year loans between $417,000 and $625,500 (conforming jumbos) are approx. 3.75% , and 15 year loans are at approx. 2.9%. Conforming loans generally require a 20% down payment (less for FHA or VA loans). Interest rates on Jumbo 30 year fixed rate mortgages (loans in excess of $625,500) have an average rate of approx. 3.9%. All of these rates are historically very low. The spread in interest rates between conforming loans and jumbo loans has disappeared over the last year as more banks are participating in making jumbo loans. All rates above assume a 20% down payment, no points and a FICO score of at least 740. Rates can vary significantly between lenders.

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 2 commentsMaureen Megowan • January 28 2015 03:57PM
Palos Verdes and South Bay 2014 4th Quarter Real Estate Market Report
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Simply Click on the 2014 4th Quarter Remax Market Report Desired Below: Palos Verdes Peninsula 2014 Year End Market Information Manhattan Beach and Hermosa Beach 2014 Year End Market Information Redondo Beach 2014 Year End Market Information… more
Valmonte Area of PVE 4th Quarter 2014 Real Estate Market Report
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The Valmonte area of Palos Verdes Estates ( Area 164 in map below ) had the following real estate market activity for single family residences during the 4th Quarter of 2014: Properties Sold: 10 Average Sales Price of homes sold during… more
Eastview Area of RPV 4TH Quarter 2014 Real Estate Market Report
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The Eastview area of Rancho Palos Verdes ( area 177 in map below) had the following real estate market activity for single family residences during the 4th Quarter of 2014 : Properties Sold: 16 &… more
Silver Spur Area of RPV / RHE 4th Qtr. 2014 Real Estate Market Report
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The Silver Spur area of Rancho Palos Verdes and Rolling Hills Estates (Area 176 in map below) had the following real estate market activity for single family residences during the 4th Quarter of 2014: Properties Sold: 8 … more
Crest Area of RPV / RHE 4th Quarter 2014 Real Estate Market Report
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The Crest area of Rancho Palos Verdes and Rolling Hills Estates ( area 174 in map below )had the following real estate market activity for single family residences during the 4th Quarter of 2014 : Properties Sold: 7 … more
Peninsula Ctr. RHE / RPV 4th Qtr. 2014 Real Estate Market Report
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The Peninsula Center area of Rancho Palos Verdes and Rolling Hills Estates (Area 175 in map below) had the following real estate market activity during the 4th Quarter of 2014 : Properties Sold: 2 Average Sales… more
Los Verdes Area of RPV 4th Quarter 2014 Real Estate Market Report
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The Los Verdes area of Rancho Palos Verdes (Area 173 in map below) had the following real estate market activity for single family residences during the 4th Quarter of 2014: Properties Sold: 8 Average Sales Price of homes… more
La Cresta Area of RPV and RHE 4th Qtr. 2014 Real Estate Market Report
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The La Cresta area of Rancho Palos Verdes and Rolling Hills Estates ( area 172 in map below )had the following real estate market activity for single family residences during the 4th Quarter of 2014 : Properties Sold: 8 Average Sales… more
Country Club Area of RPV 4th Quarter 2014 Real Estate Market Report
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The Country Club area of Rancho Palos Verdes (area 171 in map below ) had the followi ng real estate market activity for single family residences during the 4th Quarter of 2014 : Properties Sold: 12 Average… more
West Palos Verdes area of RPV 4th Quarter 2014 Market Report
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The West Palos Verdes area of Rancho Palos Verdes ( area 170 in map below ) had the following real estate market activity for single family residences during the 4th Quarter of 2014 : Properties Sold: 6 Average… more