Summary: The number of homes listed for sale on the Palos Verdes Peninsula has increased to seasonal levels, but the number of homes sold during the last three months is up 1% compared to the prior year, leading unsold inventory to over 3 months supply. Prices per square foot are essentially unchanged compared to the prior year's quarterly average. Lower priced homes are also moving faster than the upper end of the market. Houses have also been taking approx. 2 to 3 months to sell.
The number of properties listed for sale for the overall Palos Verdes Peninsula at the end of March of 159 properties is 9% higher than the same time last year, and the average number of homes sold per month of 44 over the last 3 months is 1% higher than the comparable period last year. There are 68 homes in escrow at the end of March, a strong increase in recent sales activity.
The average price per sq. ft. for homes sold over the last 3 months of $647 per sq. ft. is 4% higher 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 $1.8 million, up about 5% 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 $3.6 million is 4% 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 to 3 months, and properties are selling at approx. 95% of original list price.
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