Maureen Megowan's Blog

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Palos Verdes Peninsula 4th Quarter 2018 single family real estate market report

Summary: The number of homes listed for sale on the Palos Verdes Peninsula of 155 homes is 19% higher than last year and the number of homes sold during the last three months is 1% higher compared to the prior year, resulting in unsold inventory of 4 months supply. Prices per square foot are down approx. 2% 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 1 to  2 months to sell.

The number of properties listed for sale for the overall Palos Verdes Peninsula at the end of December of 155 properties is 19% higher than at the same time last year, and the average number of homes sold per month of 45 over the last 3 months is 1% higher than the comparable period last year. There are 38 homes in escrow at the end of December, 15% higher than at the end of December last year.

The average price per sq. ft. for homes sold over the last 3 months of $611 per sq. ft.
 is 2% lower compared to the comparable period last year..
 
Based on the average monthly sales of 45 homes over the last 3 months, the current inventory of 155 home for sale equates to about 4 months inventory. 
 

The average price of the homes sold on the Palos Verdes Peninsula during the last 3 months averaged $1.9 million, up about 8% 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 $3.0 million is 10% lower 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 1 to 2 months and properties are selling at approx. 89% of original list price, indicating a very competitive market.

 

 

 

For other market reports for the Palos Verdes Peninsula, go to Market Reports on
my web site.

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 • January 11 2019 11:03PM

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