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Palos Verdes Peninsula ( All Cities ) May 2012 Single Family Real Estate Market Report

The average number of properties listed for sale for the overall Palos Verdes Peninsula during the last 3 months is approx. 38% 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 53 over the last 3 months is about 10% higher than the comparable period last year . Sales over the last 3 months have continued to increase, with 54 sales in May 2012. Pending sales in escrow have also been strong , with 63 homes in escrow at the end of May,  forecating continuing strong sales over the next two months. 
 
 
 
 
 
 
 
 
       
  May. 12 Apr. 12 Curnt vs. Prev Month % Change May. 12 May. 11 Curnt vs. Same Month 1 Yr Ago % Change Mar. 12 to May. 12 Mar. 11 to May. 11 Curnt vs. Same Qtr 1 Yr Ago % Change
For Sale 178 174 2.3% 178 289 -38.4% 176 283 -37.8%
Sold 54 55 -1.8% 54 60 -10% 53 48 10.4%
Pended 63 62 1.6% 63 46 37% 65 54 20.4%
 
 
 
 
 
 
 
 
 

The average price per sq. ft. for homes sold over the last 3 months of $470 per sq. ft.  is down approx. 6% over the comparable period last year, but the average price per sq. ft. of homes sold in May of $486 is only 1% lower than May 2011. The average price per sq. ft. of homes sold in 2011 had been relatively steady  but has fluctuated a bit the last 5 months, but did reach $508 per sq. ft. in January, the highest in 2 years. 

 

 

 
 
 
 
 
 
 
       
  May. 12 Apr. 12 Curnt vs. Prev Month % Change May. 12 May. 11 Curnt vs. Same Month 1 Yr Ago % Change Mar. 12 to May. 12 Mar. 11 to May. 11 Curnt vs. Same Qtr 1 Yr Ago % Change
Avg. Sq. Ft. Price 486 486 0.1% 486 490 -0.8% 470 500 -6%

 

Based on the average monthly sales of 53 homes over the last 3 months, the current inventory of 178 homes for sale equates to a bit over 3 months inventory

The average price of the homes sold on the Palos Verdes Peninsula during May was $1.4 million, down approx. 11% compared to the average price of homes sold in the comparable period last year, taking a large drop in February 2012, but then increasing steadily over the last 3 months. 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. .

 
 
 
 
 
 
 
       
  May. 12 Apr. 12 Curnt vs. Prev Month % Change May. 12 May. 11 Curnt vs. Same Month 1 Yr Ago % Change Mar. 12 to May. 12 Mar. 11 to May. 11 Curnt vs. Same Qtr 1 Yr Ago % Change
Avg. Active Price 2140 2215 -3.4% 2140 1980 8.1% 2200 2048 7.4%
Avg. Sold Price 1411 1369 3.1% 1411 1491 -5.4% 1323 1482 -10.7%
 
 
 
 
 
 

Days on Market to sell a property has been averaging approx. 3 months, and properties are selling at approx. 93% of original list price.  

 
 
 
 
 
 
 
       
  May. 12 Apr. 12 Curnt vs. Prev Month % Change May. 12 May. 11 % CCurnt vs. Same Month 1 Yr Ago hange Mar. 12 to May. 12 Mar. 11 to May. 11 Curnt vs. Same Qtr 1 Yr Ago % Change
Days on Market 107 90 18.9% 107 92 16.3% 101 80 26.3%
Sold/Orig LP Diff. % 92 95 -3.2% 92 88 4.5% 93 89 4.5%
 
 
 
 
 
 

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 0 commentsMaureen Megowan • June 24 2012 01:17PM

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