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Palos Verdes Peninsula ( All Cities ) January 2013 Condo and Townhome Real Estate Market Report

The inventory of unsold condos and townhomes on the Palos Verdes Peninsula of 40 units increased sharply during the month, but is still down approx. 22% compared to a year ago. The average number of sales per month over the last 3 months of 10 units per month is unchanged from a year ago,with 10 units sold in January. There are 14 units in escrow at the end of January, however. Click here for a current search for condos and townhomes available for purchase on the Palos Verdes Peninsula.. Make sure and scroll down to see the entire report.

 

 
 
 
 
 
       
  Jan. 13 Dec. 12 % Change Curnt vs. Prev Month Jan. 13 Jan. 12 % Change Curnt vs. Same Month 1 Yr Ago Nov. 12 to Jan. 13 Nov. 11 to Jan. 12 % Change Curnt vs. Same Qtr 1 Yr Ago
For Sale 40 30 33.3% 40 51 -21.6% 33 46 -28.3%
Sold 7 12 -41.7% 7 5 40% 10 10 0%
Pended 14 7 100% 14 9 55.6% 9 9 0%
 
The average price per square foot of condos and townhomes sold on the Palos Verdes Peninsula over the last 3 months of $320 per sq. ft. is up approx. 5% compared to the similar period last year.

 

 
       
  Jan. 13 Dec. 12 % Change Curnt vs. Prev Month Jan. 13 Jan. 12 % Change Curnt vs. Same Month 1 Yr Ago Nov. 12 to Jan. 13 Nov. 11 to Jan. 12 % Change Curnt vs. Same Qtr 1 Yr Ago
Avg. Sq. Ft. Price 321 331 -2.9% 321 337 -4.7% 320 304 5.3%

 

 
 
The average days on market to sell a condo or townhome on the Palos Verdes Peninsula has been approx. 2 to 3 months recently. Condos and townhomes are currently selling at an average of 98% of list price.
 
 
The low level of inventory of only 40 units for sale and the average monthly sales over the last 3 months of 10 units sold equates to only a relatively modest 4 months of inventory. The chart below is based upon the sales for the most recent month only.
 
 
 
 
The average list price for a condo or townhome on the Palos Verdes Peninsula had increased significantly over the previous the last 9 months, but dropped sharply in January. but is still 27% higher than a year ago,however, lower priced units have been in greater demand, with the average sold price up 3% compared to the prior years comparable 3 months.
 
 
 
 
 
 
 
       
  Jan. 13 Dec. 12 % Change Curnt vs. Prev Month Jan. 13 Jan. 12 % Change Curnt vs. Same Month 1 Yr Ago Nov. 12 to Jan. 13 Nov. 11 to Jan. 12 % Change Curnt vs. Same Qtr 1 Yr Ago
Avg. Active Price 771 988 -22% 771 607 27% 908 534 70%
Avg. Sold Price 534 519 2.9% 534 618 -13.6% 493 480 2.7%

 

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

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 • February 10 2013 03:23PM

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