The number of properties listed for sale for the overall Palos Verdes Peninsula at the end of November of 129 properties is approx. the same as the same time last year. Single Family home sales for the overall Palos Verdes Peninsula Real Estate Market had been improving and the average number of homes sold per month of 58 over the last 3 months is about 7%. Pending sales in escrow have slowed down considerably however, with only 43 homes in escrow at the end of November, forecasting weaker sales over the next two months. Click Here for a search for all homes listed for sale on the Palos Verdes Peninsula.
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The average price per sq. ft. for homes sold over the last 3 months of $537 per sq. ft. is up 11% from the same compared to the comparable period last year .
Based on the average monthly sales of 58 homes over the last 3 months, the current inventory of 129 homes for sale equates to just a bit over a 2 months inventory, which historically is extremely low.
The average price of the homes sold on the Palos Verdes Peninsula during the last 3 months averaged $1.5 million, up approx. 9% compared to the average price of homes sold in the comparable period last year. The average listing price for homes during the last 3 months of $2.8 million is up approx. 17% over the comparable period last year. These statistics show that lower priced homes are selling faster than the higher priced homes.
Days on Market to sell a property has been averaging approx. 2 months and properties are selling at approx. 96% of original list price.