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Palos Verdes Peninsula ( All Cities ) April 2014 Condo and Townhome Real Estate Market Report

The inventory of unsold condos and townhomes on the Palos Verdes Peninsula of 37units is up approx. 32% compared to this time a year ago. The average number of sales per month over the last 3 months of 14 units per month is up 16% from a year ago, however  increased significantly in April to 20 units sold. There are 14 units in escrow at the end of April. 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. 14 Mar. 14 Curnt vs. Prev Month % Change Apr. 14 Apr. 13 Curnt vs. Same Month 1 Yr Ago % Change Feb. 14 to Apr. 14 Feb. 13 to Apr. 13 Curnt vs. Same Qtr 1 Yr Ago % Change
For Sale 37 38 -2.6% 37 28 32.1% 37 32 15.6%
Sold 20 15 33.3% 20 13 53.8% 14 12 16.7%
Pended 14 18 -22.2% 14 18 -22.2% 16 16 0%
 
The average price per square foot of condos and townhomes sold on the Palos Verdes Peninsula over the last 3 months of $394 per sq. ft. is up approx. 7% compared to the similar period last year.
 

 

 
 
       
  Apr. 14 Mar. 14 Curnt vs. Prev Month % Change Apr. 14 Apr. 13 Curnt vs. Same Month 1 Yr Ago % Change Feb. 14 to Apr. 14 Feb. 13 to Apr. 13 Curnt vs. Same Qtr 1 Yr Ago % Change
Avg. Sq. Ft. Price 412.9 374.7 10.2% 412.9 382.1 8.1% 393.4 367.2 7.1%
 
 
 
 
 
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 97% of list price.
 
With 37 units for sale at the end of April and the average monthly sales over the last 3 months of 14 units sold equates to less than 3 months of inventory.
 
 
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 $579,000 over the last 3 months, however, is up 14% 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 1 commentMaureen Megowan • May 20 2014 02:57PM

Comments

You put together a great market report on your neighborhood that was a joy to read. Keep up the great work!

Posted by Bruce Swedal, Denver Real Estate about 4 years ago

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