Summary: The number of homes listed for sale on the Palos Verdes Peninsula has increased to seasonal levels, but the number of homes on the market at the end of June is down 7%, but the number of homes sold during the last three months is down 3% compared to the prior year, resulting in unsold inventory of just over 3 months supply. Prices per square foot is up approx. 3% compared to the prior year's quarterly average. Lower priced homes are moving faster than the upper end of the market. The market has also been very active with houses taking only approx. 1 to 2 months to sell.
The number of properties listed for sale for the overall Palos Verdes Peninsula at the end of June of 225 properties is 7% lower than the same time last year, and the average number of homes sold per month of 72 over the last 3 months is 3% lower than the comparable period last year. There are 78 homes in escrow at the end of June, a strong increase in recent sales activity.
The average price per sq. ft. for homes sold over the last 3 months of $621 per sq. ft. is 3% higher compared to the comparable period last year but is a decrease from the most recent quarter.
The average price of the homes sold on the Palos Verdes Peninsula during the last 3 months averaged $1.7 million, up about 4% 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 $3.4 million is 11% 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 1 to 2 months, a significant improvement over the year and properties are selling at approx. 98% of original list price, indicating a very competitive market.
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