Maureen Megowan's Blog

head_left_image

Palos Verdes 3rd quarter 2018 Condo and Townhome Real Estate Market Report

Summary: The number of condos and townhomes listed for sale on the Palos Verdes Peninsula at the end of Septembere is the same as at this time last year but the number of homes sold during the last three months is down 19% compared to the prior year, but still resulting in unsold inventory of 2 months supply. Prices of $469 per square foot are down approx. 6% 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 condos and townhomes taking only approx. 1 month to sell.
The inventory of unsold condos and townhomes on the Palos Verdes Peninsula of 28 units at the end of September is the same as compared to this time a year ago. The average number of sales per month over the last 3 months of 15 units per month down approx. 19% compared to a year ago however. There are 14 units in escrow at the end of September.

 

The average price per square foot of condos and townhomes sold on the Palos Verdes Peninsula over the last 3 months of $469 per sq. ft. is down 6% 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 28 units for sale at the end of September and the average monthly sales over the last 3 months of 15 units sold equates to 2 months of inventory. The chart below is based upon the most recent months sales of only 6 units.
 
The average list price over the last 3 months for a condo or townhome on the Palos Verdes Peninsula of $916,000 has decreased approx. 1% over this time last year. The Average sold price of $711,000 over the last 3 months is down approx. 9%, compared to the prior years comparable 3 months.
 
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 0 commentsMaureen Megowan • October 16 2018 08:35PM

Comments

This blog does not allow anonymous comments