The inventory of unsold single family homes on the Palos Verdes Peninsula as of the end of March of 175 units is up approx. 15% compared to this time a year ago. The number of sales over the last 3 months of 130 units (average of 43 per month) is down 2% compared to a year ago. There are 75 units in escrow at the end of March, however.
The average price per square foot of homes sold on the Palos Verdes Peninsula over the last 3 months of $620 per sq. ft. is down approx. 2% compared to the similar period last year.
The average days on market to sell a home on the Palos Verdes Peninsula has been approx. 2 to 3 months recently. Homes are currently selling at an average of 96% of list price.
With 175 units for sale at the end of December and the average monthly sales over the last 3 months of 43 units sold equates to4 months of inventory. The chart below is based upon the most recent month's sales.
The average list price for a home on the Palos Verdes Peninsula is approx. $3.4 million. The Average sold price of $1.7 million over the last 3 months is up 2% compared to the prior years comparable 3 months . There continues to be a wide gap in the average list price and the average sold price, indicating that the lower priced homes are selling at a quicker pace.
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