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

The inventory of unsold condos and townhomes on the Palos Verdes Peninsula of 36 units has dropped dramatically since last month, but is up approx. 28% compared to this time a year ago. The average number of sales per month over the last 3 months of 13 units per month is up 30% from a year ago. There are 15 units in escrow at the end of November. 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.

 

 
 
       
  Nov. 13 Oct. 13 Curnt vs. Prev Month % Change Nov. 13 Nov. 12 Curnt vs. Same Month 1 Yr Ago % Change Sep. 13 to Nov. 13 Sep. 12 to Nov. 12 Curnt vs. Same Qtr 1 Yr Ago % Change
For Sale 36 46 -21.7% 36 28 28.6% 43 31 38.7%
Sold 13 10 30% 13 10 30% 13 10 30%
Pended 15 11 36.4% 15 5 200% 11 10 10%
 
 
 
The average price per square foot of condos and townhomes sold on the Palos Verdes Peninsula over the last 3 months of $370 per sq. ft. is up approx. 18% compared to the similar period last year but has been trending downwards the last 2 months.

 

 
       
  Nov. 13 Oct. 13 Curnt vs. Prev Month % Change Nov. 13 Nov. 12 Curnt vs. Same Month 1 Yr Ago % Change Sep. 13 to Nov. 13 Sep. 12 to Nov. 12 Curnt vs. Same Qtr 1 Yr Ago % Change
Avg. Sq. Ft. Price 357 356.8 0% 357 305.6 16.8% 370.2 313.8 17.9%
 
 
 
The average days on market to sell a condo or townhome on the Palos Verdes Peninsula has been approx. 2 months recently. Condos and townhomes are currently selling at an average of 98% of list price.
 
With 36 units for sale at the end of October and the average monthly sales over the last 3 months of 13 units sold equates to a bit less than 3 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 in the chart below has fluctuated widely depending on the number of luxury units the Terranea Resort lists for sale on the MLS which are over $1 million. The Average sold price of $551,000 over the last 3 months, however, is up 18% 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 • December 26 2013 12:52PM

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