Simply Click on the 2016 4th Quarter Remax Market Report Desired Below:


Most recent Palos Verdes Peninsula city market reports:




2016 4th Quarter Market Report Palos Verdes Peninsula and South Bay Single Family Homes

The real estate market sales activity for the Palos Verdes Peninsula for the 4th Quarter of 2016 had overall sales volume increase about 4% and the inventory of homes for sale is down 10% compared to the fourth quarter 2015 sales, which is equal to just over 2 months of inventory. Sellers who are motivated to move are pricing their homes to sell. Buyers are taking advantage of continuing low interest rates that have moved up during the last quarter however. 

PRICE CHANGES:

Properties, on average, on the Palos Verdes Peninsula are selling for approx. 93% of list price. The average price per sq. ft. for Palos Verdes homes sold in the fourth quarter 2016 of $611 compared to the 4th quarter 2015, is 1% higher, but varied city by city. Prices per sq. ft. for the Palos Verdes Peninsula have now exceeded the peak during the previous home cycle in 2007 of approx. $600 per sq. ft.. prior to the recession.

The following is a chart of the sales price per sq. ft. for homes on the Palos Verdes Peninsula. ( Note: I prefer to analyze average price per sq. ft. trends as the more often quoted "median" sales price is highly dependent on the mix of homes sold between less expensive homes and higher-end homes):


The following is a chart of the number of single family homes for sale, sold, and currently in escrow ( Pended) on the Palos Verdes Peninsula.


Sales volume has averaged 58 homes sold per month during the 4th Quarter, an increase of 4% compared to the 4th quarter of 2015. There are 130 homes listed for sale as of the end of December 2016, down 10% compared to the same time last year. There are 48 homes in escrow at the end of the 4th quarter 2016, however.

The figures included in the table below for the cities in the South Bay are only for the three months in the 4th Quarter of 2016:

Location

2016 4th Qtr. Sales

% Change from 4th Qtr. 2015

Months Inventory

 


  Sales Price      Per Sq.Ft.


   # of          Houses



     Sales Price 
      Per Sq. Ft.


Sales Volume

Palos Verdes Estates

   $737

    48         7%   1%

  3

RPV, RHE & PVP

    547   129

       ( 2%)

   6%

  2

Rolling Hills

 1,000

    2

         34%(17%)  9

Manhattan Beach/Hermosa

   969  115

       ( 2%)

  26%

  2

Redondo Beach           

   624             

   91              

          7%                                   5%

  1
   

Torrance 

   446

 196

          7%

 ( 5%) 

  1

San Pedro 

   369

  83

         (2%)

 ( 3% ) 

  2


The total inventory of single family homes for sale in the cities listed above at the end of December 2016 is down approx. 6% compared to the prior year, and sales activity for the 4th quarter is up 4%, and there is about 1.7 months of inventory. Homes in the lower end of the price range have also been selling faster than the higher priced homes. Average price per sq. ft. for homes sold in the 4th quarter 2016 for the cities listed above is up approx. 5% overall compared to the 4th quarter of 2015.

FINANCING (See our web blog at http://mmegowan.activerain.com/ for rate updates):

Interest rates for Conforming Loans ($417,000 and below) as of 1/15/2017 are at approx. 4.0%, an increase of about .6% since the previous quarter . Rates for 30 year loans between $417,000 and $625,500 (conforming jumbos) are approx. 4.2% , and 4.2% for jumbo loans (loans over $625,500), and 15 year conforming loans are as low as 3.2% (3.4% for jumbo loans). Conforming loans generally require a 20% down payment (less for FHA or VA loans). The spread in interest rates between conforming loans and jumbo loans has decreased significantly over the last year as more banks are participating in making jumbo loans. All rates above assume a 20% down payment, no points and a FICO score of at least 740. Rates can vary significantly between lenders.

Fourth Quarter 2016 Market Analysis for Palos Verdes Peninsula Condos and Townhomes

The average price per square foot of condos and townhomes sold on the Palos Verdes Peninsula over the last 3 months of $462 per sq. ft. is up approx. 10% compared to the similar period last year.



The following is a chart of Palos Verdes Peninsula condos and townhomes for sale and sold over the last year .

 

The inventory of unsold condos and townhomes on the Palos Verdes Peninsula of 33 units at the end of December is up approx. 44% compared to this time a year ago. The average number of sales per month over the last 3 months of 15 units per month is 45% higher than a year ago. There are 19 units in escrow at the end of December. 

To check out the various condo and townhome projects on the Palos Verdes Peninsula, see the following link on my website :PV Condos & Townhomes / Townhouses . Each of these project descriptions have an analysis of recent prices paid for sales in each project.

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Prior Years Market Information:





 Palos Verdes Peninsula 2011 Year End Market Information
Manhattan Beach and Hermosa Beach 2011 Year End Market Information
Redondo Beach 2011 Year End Market Information
Torrance 2011 Year End Market Information
San Pedro 2011 Year End Market Information

Palos Verdes Peninsula 2010 Year End Market Information
Manhattan Beach and Hermosa Beach 2010 Year End Market Information
Redondo Beach Year End Market Information
Torrance 2010 Year End Market Information
San Pedro 2010 Year End Market Information

Palos Verdes Peninsula 2009 Year End Market Information
Manhattan Beach and Hermosa Beach 2009 Year End Market Information
Redondo Beach 2009 Year End Market Information
Torrance 2009 Year End Market Information
San Pedro 2009 Year End Market Information

Palos Verdes Peninsula 2008 Year End Market Information
Manhattan Beach and Hermosa Beach 2008 Year End Market Information
Redondo Beach 2008 Year End Market Information
Torrance 2008 Year End Market Information
San Pedro 2008 Year End Market Information

Palos Verdes Peninsula 2007 Year End Market Information
Manhattan Beach and Hermosa Beach 2007 Year End Market Information
Redondo Beach 2007 Year End Market Information
Torrance 2007 Year End Market Information
San Pedro 2007 Year End Market Information


Palos Verdes Peninsula 2006 Year End Market Information
Manhattan Beach and Hermosa Beach 2006 Year End Market Information
Redondo Beach 2006 Year End Market Information
Torrance 2006 Year End Market Information
San Pedro 2006 Year End Market Information

Palos Verdes Peninsula 2005 Year End Market Information
Manhattan Beach and Hermosa Beach 2005 Year End Market Information
Redondo Beach 2005 Year End Market Information
San Pedro 2005 Year End Market Information
Torrance 2005 Year End Market Information

Palos Verdes Peninsula 2004 Year End Market Information
Manhattan Beach and Hermosa Beach 2004 Year End Market Information
Redondo Beach 2004 Year End Market Information
San Pedro 2004 Year End Market Information
Torrance 2004 Year End Market Information

Maureen Megowan
Maureen Megowan
Realtor