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Palos Verdes Peninsula August 2014 Condo and Townhome Real Estate Market Report

The inventory of unsold condos and townhomes on the Palos Verdes Peninsula of 60 units is up approx. 33% compared to this time a year ago. The average number of sales per month over the last 3 months of 11 units per month is down 31% from a year ago. There are 13 units in escrow at the end of August. 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.

 
 
 
 
 
       
  Aug. 14 Jul. 14 Curnt vs. Prev Month % Change Aug. 14 Aug. 13 Curnt vs. Same Month 1 Yr Ago % Change Jun. 14 to Aug. 14 Jun. 13 to Aug. 13 Curnt vs. Same Qtr 1 Yr Ago % Change
For Sale 60 54 11.1% 60 45 33.3% 55 37 48.6%
Sold 12 12 0% 12 22 -45.5% 11 16 -31.2%
Pended 13 15 -13.3% 13 24 -45.8% 13 17 -23.5%
 
The average price per square foot of condos and townhomes sold on the Palos Verdes Peninsula over the last 3 months of $421 per sq. ft. is up approx. 11% compared to the similar period last year.

 

 
 
 
 
 
       
  Aug. 14 Jul. 14 Curnt vs. Prev Month % Change Aug. 14 Aug. 13 Curnt vs. Same Month 1 Yr Ago % Change Jun. 14 to Aug. 14 Jun. 13 to Aug. 13 Curnt vs. Same Qtr 1 Yr Ago % Change
Avg. Sq. Ft. Price 435.4 414.4 5.1% 435.4 389.4 11.8% 421.5 381.6 10.5%
 
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.
 
With 60 units for sale at the end of August and the average monthly sales over the last 3 months of 11 units sold equates to about 5 months of inventory.
 
 
The average list price for a condo or townhome on the Palos Verdes Peninsula has increased approx. 7% over this time last year. The Average sold price of $658,000 over the last 3 months, 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 • September 11 2014 11:56AM

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