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City of Palos Verdes Estates 2nd Quarter 2012 Real Estate Market Report

The number of homes listed for sale in the City of Palos Verdes Estates dropped significantly at the end of 2011, and remains very low. with only 41 homes listed for sale at the end of the second quarter, which is 52% lower than the end of the 2nd quarter a year ago. The average number of homes sold per month during this same period has also increased , averaging 17 sales per month,a 6% increase over the prior years 2nd quarter. This equates to only about 2 months of inventory.The number of homes in escrow at the end of the quarter is 12 homes.  

 
 
 
 
 
 
 
  Curnt vs. Prev Month Curnt vs. Same Month 1 Yr Ago Curnt vs. Same Qtr 1 Yr Ago
  Jun. 12 May. 12 % Change Jun. 12 Jun. 11 % Change Apr. 12 to Jun. 12 Apr. 11 to Jun. 11 % Change
For Sale 41 46 -10.9% 41 86 -52.3% 46 80 -42.5%
Sold 23 16 43.8% 23 16 43.8% 17 16 6.3%
Pended 12 15 -20% 12 7 71.4% 16 13 23.1%
 
 
 
 
 
 

The average price per square foot over the last 3 months has been $549 per sq. ft., a decrease of 4% over the comparable period last year. The overall market appears to have stabilized.   This market has not been nearly as impacted by the foreclosure sales which have severely affected inland markets. 

 
 
 
 
 
 
 
 
 
       
  Jun. 12 May. 12 Curnt vs. Prev Month % Change Jun. 12 Jun. 11 Curnt vs. Same Month 1 Yr Ago % Change Apr. 12 to Jun. 12 Apr. 11 to Jun. 11 Curnt vs. Same Qtr 1 Yr Ago % Change
Avg. Sq. Ft. Price 534 566 -5.6% 534 549 -2.7% 549 569 -3.6%
 
 
 
 
The average days on market for homes sold during the 2nd quarter 2012 was about 4 months.  This large increase also indicates that many of the homes that have been on the market for awhile are now selling due to the low level of inventory.  The percentage of list price for homes sold has also increased to 93%.
 
 
 
 
 
 
 
 
       
  Jun. 12 May. 12 Curnt vs. Prev Month % Change Jun. 12 Jun. 11 Curnt vs. Same Month 1 Yr Ago % Change Apr. 12 to Jun. 12 Apr. 11 to Jun. 11 Curnt vs. Same Qtr 1 Yr Ago % Change
Days on Market 100 161 -37.9% 100 37 170.3% 116 70 65.7%
Sold/Orig LP Diff. % 93 90 3.3% 93 94 -1.1% 93 91 2.2%
 
The average price of properties sold during the second quarter was approx. $1.76 million, up 4% from last year.
The average list price of homes for sale has been very consistent at approx. $2.7 million over the last 7 months,
indicating that the lower priced homes have been selling faster than the higher priced homes.
 
 
 
 
 
 
       
  Jun. 12 May. 12 Curnt vs. Prev Month % Change Jun. 12 Jun. 11 Curnt vs. Same Month 1 Yr Ago % Change Apr. 12 to Jun. 12 Apr. 11 to Jun. 11 Curnt vs. Same Qtr 1 Yr Ago % Change
Avg. Active Price 2683 2671 0.4% 2683 2160 24.2% 2682 2235 20%
Avg. Sold Price 1762 1734 1.6% 1762 1793 -1.7% 1762 1700 3.6%
 
The number of months of unsold inventory of homes has decreased substantailly to less than 2 months of inventory
 
 
 
 
With the current record low interest rates and the stabilized market, now is an excellent time to purchase a home in Palos Verdes Estates.

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 • July 23 2012 03:49PM

Comments

Maureen - Great real estate data for buyers and sellers in the Palos Verdes Estates area.  You really know this market and area.  A really impressive market report!

Posted by Laura Allen, Lake Tahoe - Truckee Real Estate for Sale www.TahoeLauraLuxuryHomes.com, Tahoe Real Estate Agent Helping Buyers and Sellers (Coldwell Banker, Tahoe City, CA (530) 414-1260) over 6 years ago

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