Palos Verdes Peninsula May 2012 Condo and Townhome Real Estate Market Report

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Real Estate Agent with Remax Estate Properties - BRE #01368971 DRE #01368971

The inventory of unsold condos and townhomes on the Palos Verdes Peninsula of 45 units has shrunk significantly over the last 12 months, and is down approx. 38% compared to a year ago.  The average number of sales per month over the last 3 months of 14 units per month is up 27% from a year ago,with 15 units sold in May. There are 20 units in escrow at the end of May projecting strong sales for June as well. Click here for a current search for condos and townhomes available for purchase on the Palos Verdes Peninsula..

 

 
 
 
 
 
       
  May. 12 Apr. 12 Curnt vs. Prev Month% Change May. 12 May. 11 Curnt vs. Same Month 1 Yr Ago % Change Mar. 12 to May. 12 Mar. 11 to May. 11 Curnt vs. Same Qtr 1 Yr Ago % Change
For Sale 45 44 2.3% 45 73 -38.4% 45 84 -46.4%
Sold 15 18 -16.7% 15 12 25% 14 11 27.3%
Pended 20 19 5.3% 20 15 33.3% 18 13 38.5%
 
The average price per square foot of condos and townhomes sold on the Palos Verdes Peninsula over the last 3 months of $331 per sq. ft. is up approx. 4% compared to the similar period last year. The average price per sq. ft. for condos and townhomes sold in May of $366 per sq. ft. is the highest in the last two years.

 

 
 
 
 
 
       
  May. 12 Apr. 12 Curnt vs. Prev Month % Change May. 12 May. 11 Curnt vs. Same Month 1 Yr Ago % Change Mar. 12 to May. 12 Mar. 11 to May. 11 Curnt vs. Same Qtr 1 Yr Ago % Change
Avg. Sq. Ft. Price 366 306 19.7% 366 304 20.4% 331 317 4.2%
 
 
 
 
The average days on market to sell a condo or townhome on the Palos Verdes Peninsula has been 3 to 4 months recently. The low level of inventory of only 45 units for sale and the average monthly sales over the last 3 months of 14 units sold equates to only a relatively modest 3 months of inventory. Condos and townhomes are currently selling at an average of 93% of list price.
 
 
 
 
 
 
The average list price for a condo or townhome on the Palos Verdes Peninsula has increased significantly the last six months.
The average price of units sold fell in February through April showing that lower priced units had been in greater demand.
The average price of units sold in May, however, rose sharply.

 

 
 
 
 
 
       
  Apr. 12 Mar. 12 Curnt vs. Prev Month % Change Apr. 12 Apr. 11 Curnt vs. Same Month 1 Yr Ago % Change Feb. 12 to Apr. 12 Feb. 11 to Apr. 11 Curnt vs. Same Qtr 1 Yr Ago % Change
Avg. Active Price 753 719 4.7% 753 534 41% 705 521 35.3%
Avg. Sold Price 439 487 -9.9% 439 509 -13.8% 425 482 -11.8%

 

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

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Maureen Megowan

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