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Palos Verdes Peninsula ( All Cities ) August 2012 Condo and Townhome Real Estate Market Report

The inventory of unsold condos and townhomes on the Palos Verdes Peninsula of 38 units has shrunk significantly over the last 12 months, and is down approx. 33% compared to a year ago.  The average number of sales per month over the last 3 months of 17 units per month is up 13% from a year ago,with 14 units sold in August. There are 17 units in escrow at the end of August projecting strong sales for September as well. Click here for a current search for condos and townhomes available for purchase on the Palos Verdes Peninsula..

 

 
 
 
 
 
 
 
 
 
 
 
       
  Aug. 12 Jul. 12 Curnt vs. Prev Month % Change Aug. 12 Aug. 11 Curnt vs. Same Month 1 Yr Ago % Change Jun. 12 to Aug. 12 Jun. 11 to Aug. 11 Curnt vs. Same Qtr 1 Yr Ago% Change
For Sale 38 43 -11.6% 38 57 -33.3% 41 61 -32.8%
Sold 14 18 -22.2% 14 15 -6.7% 17 15 13.3%
Pended 17 16 6.3% 17 9 88.9% 16 14 14.3%
 
The average price per square foot of condos and townhomes sold on the Palos Verdes Peninsula over the last 3 months of $330 per sq. ft. is down approx. 2% compared to the similar period last year. The average price per sq. ft. for condos and townhomes sold in May of $366 per sq. ft. is the highest in the last two years.

 

 
 
 
 
 
 
 
 
       
  Aug. 12 Jul. 12 Curnt vs. Prev Month % Change Aug. 12 Aug. 11 Curnt vs. Same Month 1 Yr Ago % Change Jun. 12 to Aug. 12 Jun. 11 to Aug. 11 Curnt vs. Same Qtr 1 Yr Ago % Change
Avg. Sq. Ft. Price 339 321 5.7% 339 320 6.1% 330 336 -1.9%
The average days on market to sell a condo or townhome on the Palos Verdes Peninsula has been approx. 3 months recently. Condos and townhomes are currently selling at an average of 95% of list price.
 
 
 
The low level of inventory of only 38 units for sale and the average monthly sales over the last 3 months of 17 units sold equates to only a relatively modest 2 months of inventory.
 
 
 
The average list price for a condo or townhome on the Palos Verdes Peninsula has increased significantly the last 8 months to $830,000, 47% higher than a year ago,however, lower priced units have been in greater demand, with the average sold price up only 13% compared to the prior years comparable quarter.
 

 

 
 
 
 
 
       
  Aug. 12 Jul. 12 Curnt vs. Prev Month % Change Aug. 12 Aug. 11 Curnt vs. Same Month 1 Yr Ago % Change Jun. 12 to Aug. 12 Jun. 11 to Aug. 11 Curnt vs. Same Qtr 1 Yr Ago % Change
Avg. Active Price 830 776 7% 830 563 47.4% 791 551 43.6%
Avg. Sold Price 534 527 1.3% 534 391 36.6% 505 448 12.7%

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 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 • September 10 2012 02:43PM

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