Maureen Megowan's Blog

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Palos Verdes Peninsula February 2015 Condo and Townhome Real Estate Market Report

The inventory of unsold condos and townhomes on the Palos Verdes Peninsula of 27 units at the end of February is down approx. 27% 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 44% from a year ago. There are 11 units in escrow at the end of February. 

 

The average price per square foot of condos and townhomes sold on the Palos Verdes Peninsula over the last 3 months of $389 per sq. ft. is up approx. 4% 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. 3 to 4 months recently. Condos and townhomes are currently selling at an average of 96% of list price.
 
With 27 units for sale at the end of February and the average monthly sales over the last 3 months of 13 units sold equates to about 2 months of inventory. The chart below is based upon the most recent months sales.
 
 
The average list price for a condo or townhome on the Palos Verdes Peninsula over the last 3 months of $721,000 has decreased approx. 7% over this time last year but has increased significantly over the last two months. The Average sold price of $602,000 over the last 3 months, however, is up 13% 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 • March 14 2015 03:43PM

Comments

Great post and terrific information. Have a fine day ahead.

Posted by David Saks almost 4 years ago

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