MARKET REPORTS

Following are links to the updated real estate market reports for the most recent month of 2018:

PV4thQuarter2018frontcover.jpg

Palos Verdes Peninsula

SouthBay4thquarter2018frontcover.jpg

South Bay


Simply Click on the 2018 4th Quarter Remax Neighborhood Market Report Desired Below: 


My most recent Palos Verdes Peninsula city market reports trend analysis for the 4th quarter:




2018 4th Quarter Market Report Palos Verdes Peninsula and South Bay Single Family Homes

Palos Verdes Peninsula:

The real estate market sales activity for the Palos Verdes Peninsula for the 4th Quarter of 2018 had overall sales volume increase about 1% and the inventory of homes for sale is 19% higher than at the end of the 4th quarter 2017, which is equal to about  4 months of inventory. Sellers who are motivated to move are pricing their homes to sell. Interest rates have moved back down about 1/2% during the 4th quarter of 2018, and buyers are still taking advantage of relatively low interest rates.

PRICE CHANGES:

Properties, on average, on the Palos Verdes Peninsula are selling for approx.89% of list price.This is a significant drop from previous quarters and indicates that Sellers are negotiating their prices and are motivated to sell. Despite this,the average price per sq. ft. for Palos Verdes homes sold in the 4th quarter 2018 of $611 compared to the 4th quarter 2017, is 2% higher, but varied city by city. 

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 with contingencies removed ( Pended) on the Palos Verdes Peninsula.


Sales volume has averaged 45 homes sold per month during the 4th
 quarter, an increase of 1% compared to the 4th quarter of 2017. There are 155 homes listed for sale as of the end of December 2018, 19% higher compared to the same time last year. There are 38 homes in escrow at the end of the 4th quarter 2018.

South Bay:

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 2018:

Location

2018 4th Qtr. Sales

% Change from 4th Qtr. 2017

Months Inventory

 


  Sales Price      Per Sq.Ft.


   # of          Houses



     Sales Price 
      Per Sq. Ft.


Sales Volume

Palos Verdes Estates

 $717

    33       ( 2%)     3%

  4

RPV, RHE & PVP

   594    96

         3%

  ( 1%)

  3

Rolling Hills

   619

     7

         N/A  N/AN/A

Manhattan Beach/Hermosa

1,151    85

          5%

 ( 16%)

  3

Redondo Beach           

   672            

    68              

           7%                                 ( 22%)

  2
   

Torrance 

   513

  192

           3%

  (   9%)

  1

San Pedro 

   433

   82

        ( 3%)

  (  2%)  

  1


The total inventory of single family homes for sale in the cities listed above at the end of December 2018 is up approx. 28% compared to the prior year, and sales activity for the 4th quarter is down 9%, and there is about 2 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 2018 for the cities listed above is still up approx. 1% overall compared to the 4th quarter of 2017 in spite of the slow down in sales activity.

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

Interest rates for 30 year fixed rate Conforming Loans ($484,350 and below) as of 1/15/19 are at approx. 4.4%, back down 1/2 % over that at the end of the previous quarter . Rates for 30 year loans between $484,350 and $726,525 (conforming jumbos) are approx. 4,5% , and 4.3% for jumbo loans (loans over $726,525  ), and 15 year conforming loans are about 3.6% (3.7% for conforming jumbos and 3.8% to 4.0% for jumbo loans). Conforming loans generally require a 20% down payment (less for FHA or VA 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 2018 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 $460 per sq. ft. a decrease of 3% 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 27 units at the end of December is 28% higher than at the same time last year. The average number of sales per month over the last 3 months of 10 units per month is down approx. 40% compared to the same period a year ago. There are 17 units in escrow with contingencies removed (pended) 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