The inventory of unsold condos and townhomes on the Palos Verdes Peninsula of 41 units is up approx. 14% 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 13% higher than a year ago. There are 17 units in escrow at the end of March.
The average price per square foot of condos and townhomes sold on the Palos Verdes Peninsula over the last 3 months of $433 per sq. ft. is up approx. 12% 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 a bit over 2 months recently. Condos and townhomes are currently selling at an average of 97% of list price.
With 41 units for sale at the end of December and the average monthly sales over the last 3 months of 12 units sold this equates to about 3 to 4 months of inventory.
The average list price as of the end of December of $921,000 has increased approx. 49% from last year due to some new construction. The average sold price of $605,000 over the last 3 months,of condos and townhomes is down 2% compared to the prior years comparable 3 months.
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.