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Palos Verdes Peninsula February 2012 Single Family Real Estate Market Report


The average number of properties listed for sale during the last 3 months is approx. 25% 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 39 over the last 3 months is about 3% higher than the comparable period last year . Pending sales in escrow, however, have increased to 62 homes, a 59% increase over the comparable period last year,  forecating an increase in sales over the next two months. 
 
 
 
 
 
           
  Feb. 12 Jan. 12

% Change Curnt vs. Prev Month

Feb. 12 Feb. 11 % Change Curnt vs. Same Month 1 Yr Ago Dec. 11 to Feb. 12 Dec. 10 to Feb. 11 % Change Curnt vs . Same Qtr 1 Yr Ago Feb. 12 Feb. 10 % Change Curnt vs. Same Month 2 Yrs Ago Mar. 11 to Feb. 12 Mar. 10 to Feb. 11 % Change Curnt vs. Same 12 Months 1 Yr Ago
For Sale 178 191 -6.8% 178 253 -29.6% 179 239 -25.1% 178 245 -27.3% 245 291 -15.8%
Sold 37 34 8.8% 37 32 15.6% 39 38 2.6% 37 32 15.6% 47 44 6.8%
Pended 62 43 44.2% 62 39 59% 47 38 23.7% 62 36 72.2% 51 43 18.6%
 
 
 
 

The average price per sq. ft. for homes sold over the last 3 months of $464 per sq. ft.  is down approx. 4% over the comparable period last year. The average price per sq. ft. of homes sold in 2011 had been relatively steady  but has fluctuated a bit the last 4 months, but did reach $509 per sq. ft. in January, the highest in 2 years. 

 

 

 
 
 
 

 

Based on the average monthly sales of 39 homes over the last 3 months, the current inventory of 180 homes for sale equates to less than 5 months inventory

 
 
 

The average price of the 119 homes sold on the Palos Verdes Peninsula during the last 3 months  was $1.4 million, up aprox. 3% compared t the average price of homes sold in the comparable period last year, but did take a large drop in February 2012.  The average listing price for homes during the last 3 months of $2.2 million shows that the lower priced homes are selling faster than the higher priced homes. .

 
 
 

Days on Market to sell a property has been averaging approx. 3 months, and properties are selling at approx. 90% of current list price.  The large increase in days on the market for properties sold in February is actually a good sign showing that several properties that had been on the market for a long time were finally sold, which shows the relative lack of inventory when properties which have been on the market a long time start to sell.

 
 

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 go to 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 1 commentMaureen Megowan • March 13 2012 06:12PM

Comments

Good job on the Palos Verdes Peninsula Market Report Maureen.  Thank you!

Posted by Captain Wayne - Rowlett Real Estate School, Rowlett Real Estate School / Owner and Instructor (REcampus Fully Accredited Florida ONLINE & Classroom Training in Destin, Pensacola Florida) about 7 years ago

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