Summary: The number of homes listed for sale on the Palos Verdes Peninsula surged significantly higher in June with the number of homes sold only marginally higher compared to the prior year, leading to an increase in unsold inventory to a bit over 3 months supply. Prices have also only increased marginally compared to the prior year. Lower priced homes are also moving faster than the upper end of the market. Houses have also been taking approx. 2 months to sell.
The number of properties listed for sale for the overall Palos Verdes Peninsula at the end of June of 242 properties is 22% higher than the same time last year, and the average number of homes sold per month of 74 over the last 3 months is 2% higher than the comparable period last year. There are 73 homes in escrow at the end of June.
The average price per sq. ft. for homes sold over the last 3 months of $604 per sq. ft. is up 2% compared to the comparable period last year.
The average price of the homes sold on the Palos Verdes Peninsula during the last 3 months averaged $1.7 million, down about 2% compared to the average price of homes sold in the comparable period last year. The average listing price for homes during the last 3 months of $3.1 million is 15% higher than the comparable period last year. These statistics show that lower priced homes are selling faster than the higher priced homes.
Days on Market to sell a property has been averaging about 2 months, and properties are selling at approx. 97% of original list price.
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.