The average price per square foot of condos and townhomes sold on the Palos Verdes Peninsula over the last 3 months of $479 per sq. ft. is up 10% 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 month recently. Condos and townhomes are currently selling at an average of 100% of list price.
With 34 units for sale at the end of March and the average monthly sales over the last 3 months of 16 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 $897,000 has decreased approx. 5% over this time last year. The Average sold price of $730,000 over the last 3 months is up approx. 3%, compared to the prior years comparable 3 months significantly narrowing the gap between average list price and average price sold.
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.