Maureen Megowan's Blog


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

The inventory of unsold condos and townhomes on the Palos Verdes Peninsula of 39 units is up approx. 8% compared to this time a year ago. The average number of sales per month over the last 3 months of 12 units per month is the same as a year ago. There are 15 units in escrow at the end of November. 


The average price per square foot of condos and townhomes sold on the Palos Verdes Peninsula over the last 3 months of $397 per sq. ft. is up approx. 6% compared to the similar period last year.
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 95% of list price.
With 39 units for sale at the end of October and the average monthly sales over the last 3 months of 13 units sold equates to 3 months of inventory. The chart below is based upon the most recent months sales (8 units sold in November).
The average list price for a condo or townhome on the Palos Verdes Peninsula has decreased approx. 22% over this time last year. The Average sold price of $637,000 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 . 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 09 2014 02:34PM


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