Maureen Megowan's Blog

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Palos Verdes 1st quarter 2018 Condo and Townhome Real Estate Market Report

The inventory of unsold condos and townhomes on the Palos Verdes Peninsula of 20 units at the end of March is down approx. 37% compared to this time a year ago. The average number of sales per month over the last 3 months of 10 units per month down approx. 24% compared to a year ago however. There are 17 units in escrow at the end of March, however. 

 

The average price per square foot of condos and townhomes sold on the Palos Verdes Peninsula over the last 3 months of $500 per sq. ft. is up 12% over the similar period last year.
 
 
The average days on market to sell a condo or townhome on the Palos Verdes Peninsula has been approx. 1 to 2 months recently. Condos and townhomes are currently selling at an average of 98% of list price.
 
With 20 units for sale at the end of March and the average monthly sales over the last 3 months of 10 units sold equates to 2 months of inventory. The chart below is based upon the most recent months sales.
 
 
The average list price over the last 3 months for a condo or townhome on the Palos Verdes Peninsula of $944,000 has increased approx. 2% over this time last year. The Average sold price of $769,000 over the last 3 months is up approx. 23%, compared to the prior years comparable 3 months significantly narrowing the gap between average list price and average price sold.
 
For other market reports for the Palos Verdes Peninsula, go to Market Reports on my website.

 

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.

Comment balloon 1 commentMaureen Megowan • April 12 2018 02:00AM

Comments

thanks for your market update - I always love reading what is going on around the country

Posted by Lise Howe, Assoc. Broker and Attorney Licensed in DC, MD, VA, (Keller Williams Capital Properties) 6 months ago

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