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Palos Verdes Peninsula February 2012 Condo and Townhome Real Estate Market Report

The following is my Palos Verdes Peninsula January 2012 Condo and Townhome Real Estate Market Report

The inventory of unsold condos and townhomes on the Palos Verdes Peninsula has shrunk significantly over the last 10 months, and is down approx. 42% compared to a year ago.  The average number sales per month over the last 3 months is up 43 from a year ago,. There are 18 units in escrow, however at the end of February projecting a strong increase in sales for March. .

 
 
 
 
 
       
  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
For Sale 49 51 -3.9% 49 85 -42.4% 47 75 -37.3%
Sold 14 5 180% 14 4 250% 10 7 42.9%
Pended 18 10 80% 18 11 63.6% 12 9 33.3%
 
The average price per square foot of condos and townhomes sold on the Palos Verdes Peninsula over the last 3 months  is down approx. 5% compared to the similar period last year but has increased over the last 2 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
Avg. Sq. Ft. Price 298 337 -11.6% 298 287 3.7% 312 328 -4.8%
 
 
 
 

The average days on market to sell a condo or townhome on the Palos Verdes Peninsula had fallen over the previous  two months, however the average days on market for condos and townhomes sold in Feruary increased sharply indicating that the market is beginning to clear some of the older listings.  The low level of inventory of only 49 units for sale and the average monthly sales over the last 3 months of 10 units sold equates to only a relatively modest 5 months of inventory. Condos and townhomes are currently selling at an average of 94% of list price.

 
 
 
 
 
 
 
       
  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
Months of Inventory (Closed Sales) 3.5 10.2 -65.7% 3.5 21.3 -83.5% 4.7 10.7 -56.1%
 
 
 
 
 
       
  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
Days on Market 137 59 132.2% 137 78 75.6% 108 85 27.1%
Sold/Orig LP Diff. % 94 94 0%     94 89 5.6% 93 91 2.2%
 
The average list price for a condo or townhome on the Palos Verdes Peninsula has increased sharply the last two months,
however , with the average sold price generally tracking the average list price, however the average price of units sold
in February fell sharply showing that lower priced units have been in greater demand.

 

 
 
 
 
 
       
  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
Avg. Active Price 632 607 4.1% 632 503 25.6% 576 523 10.1%
Avg. Sold Price 363 618 -41.3% 363 438 -17.1% 451 466 -3.2%

I believe that several factors led to the relatively weak market for condos and townhomes on the Palos Verdes Peninsula towards the end of 2011.  First,  the weak economy and the increased number of foreclosure sales has led to pressure on the financial condition of the homeowners associations due to owners being delinquent on their homeowners dues.  Second, many of the condos on the Peninsula are former apartment conversions therefor most of these condo units do not have washers and dryers inside the unit.  Today's condo buyers, many of which are moving up from apartments, are only intereste3d in buying a condo if it has laundry facilities inside the unit.

This is why 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 historically 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.

For other market reports for the Palos Verdes Peninsula, go to Market Reports on my website.

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 18 2012 12:16PM

Comments

Great info - love your detailed graphs.

Posted by Les & Sarah Oswald, Broker, Realtor and Investor (Realty One Group) about 7 years ago

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