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

The inventory of unsold condos and townhomes on the Palos Verdes Peninsula of 28 units dropped during April , and is down approx. 31% compared to a year ago. The average number of sales per month over the last 3 months of 12 units per month is down slightly from a year ago. There are 20 units in escrow at the end of April, 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.

 

 

       
  Apr. 13 Mar. 13 Curnt vs. Prev Month % Change Apr. 13 Apr. 12 Curnt vs. Same Month 1 Yr Ago % Change Feb. 13 to Apr. 13 Feb. 12 to Apr. 12 Curnt vs. Same Qtr 1 Yr Ago % Change
For Sale 28 34 -17.6% 28 44 -36.4% 32 46 -30.4%
Sold 14 16 -12.5% 14 19 -26.3% 12 14 -14.3%
Pended 20 17 17.6% 20 19 5.3% 17 16 6.3%
 
 
 
 
The average price per square foot of condos and townhomes sold on the Palos Verdes Peninsula over the last 3 months of $367 per sq. ft. is up approx. 18% compared to the similar period last year.

 

 

       
  Apr. 13 Mar. 13 Curnt vs. Prev Month % Change Apr. 13 Apr. 12 Curnt vs. Same Month 1 Yr Ago % Change Feb. 13 to Apr. 13 Feb. 12 to Apr. 12 Curnt vs. Same Qtr 1 Yr Ago % Change
Avg. Sq. Ft. Price 380.7 370.9 2.7% 380.7 312.9 21.7% 367.1 310.4 18.3%
 
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 28 units for sale and the average monthly sales over the last 3 months of 12 units sold equates to only a relatively modest 2 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 during 2012, but dropped sharply in January. but is still 23% higher than a year ago,however, lower priced units have been in greater demand.  The average sold price, however, is up 20% compared to the prior years comparable 3 months.
 
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 • May 11 2013 02:13PM

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