Summary: The number of homes listed for sale on the Palos Verdes Peninsula surged significantly higher this summer with the number of homes sold during the last three months down slightly compared to the prior year, leading to an increase in unsold inventory to over a 3 months supply. Prices are up slightly 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 August of 241 properties is 18% higher than the same time last year, and the average number of homes sold per month of 72 over the last 3 months is 3% less than the comparable period last year. There are 57 homes in escrow at the end of August.
The average price per sq. ft. for homes sold over the last 3 months of $633 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 6% 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 $3.0 million is 7% 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. 96% of original list price.
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