The number of properties listed for sale for the overall Palos Verdes Peninsula at the end of April of 156 properties is 21% greater than the same time last year. Single Family home sales for the overall Palos Verdes Peninsula Real Estate Market had been declining and the average number of homes sold per month of 43 over the last 3 months is about 27% lower than the comparable period last year. Pending sales in escrow have recently increased considerably, however, with 62 homes in escrow at the end of April, forecasting stronger sales over the next two months. Click Here for a search for all homes listed for sale on the Palos Verdes Peninsula. Make sure to scroll down to see the full report.
The average price per sq. ft. for homes sold over the last 3 months of $554 per sq. ft. is up 13% from the same compared to the comparable period last year and has been trending up over the last 11 months.
Based on the average monthly sales of 43 homes over the last 3 months, the current inventory of 156 homes for sale equates to between a 3 to 4 months inventory, which historically is still extremely low.
The average price of the homes sold on the Palos Verdes Peninsula during the last 3 months averaged $1.5 million, up approx. 7% 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 up approx. 5% over the comparable period last year but has decreased steadily over the last 4 months. These statistics show that lower priced homes are selling faster than the higher priced homes.
