MARKET REPORTS

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

Palos Verdes Peninsula

South Bay


Simply Click on the 2018 2nd Quarter Remax Market Report Desired Below: 



My most recent Palos Verdes Peninsula city market reports trend analysis including detail listings of homes sold during the 2nd quarter:




2018 2nd 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 2nd Quarter of 2018 had overall sales volume decrease about 8% and the inventory of homes for sale is  the same as at the end of the 2nd  quarter 2017, which is equal to just over 3 months of inventory. Sellers who are motivated to move are pricing their homes to sell. Although interest rates have moved up a bit during the 2nd  quarter of 2018, buyers are still taking advantage of low interest rates.

PRICE CHANGES:

Properties, on average, on the Palos Verdes Peninsula are selling for approx. 96% of list price. The average price per sq. ft. for Palos Verdes homes sold in the 2nd quarter 2018 of $646 compared to the 2nd  quarter 2017,is 3% higher, but varied city by city. Prices per sq. ft. for the Palos Verdes Peninsula have now well 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 with contingencies removed ( Pended) on the Palos Verdes Peninsula.


Sales volume has averaged 67 homes sold per month during the 
2nd  quarter, a decrease of 8% compared to the 2nd  quarter of 2017. There are 225 homes listed for sale as of the end of June, 2018, the same as compared to the same time last year. There are 78 homes in escrow at the end of the 2nd quarter 2018.

The figures included in the table below for the cities in the South Bay are only for the three months in the 2nd Quarter of 2018:

Location

2018 2nd Qtr. Sales

% Change from 2nd Qtr. 2017

Months Inventory

 


  Sales Price      Per Sq.Ft.


   # of          Houses



     Sales Price 
      Per Sq. Ft.


Sales Volume

Palos Verdes Estates

 $748

    51         4%  (  9%)

  3

RPV, RHE & PVP

   601  143

         5%

 (  7%)

  2

Rolling Hills

   646

     6

         N/A  N/AN/A

Manhattan Beach/Hermosa

 1,067   119

          1%

 ( 26%)

  2

Redondo Beach           

   705             

    93              

         ( 2%)                                 ( 10%)

  1
   

Torrance 

   524

  213

          10%

  ( 10%)

  1

San Pedro 

   428

   95

           2%

  (   6%)  

  2


The total inventory of single family homes for sale in the cities listed above at the end of June, 2018 is down approx. 8% compared to the prior year, and sales activity for the 2nd quarter is down 12%, 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 2nd quarter 2018 for the cities listed above is up approx. 1% overall compared to the 2nd quarter of 2017.

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

Interest rates for 30 year fixed rate Conforming Loans ($453,100 and below) as of 4/30/18 are at approx. 4.5%, about the same as at the end of the previous quarter . Rates for 30 year loans between $453,100 and $679,650 (conforming jumbos) are approx. 4.6% , and 4.50% for jumbo loans (loans over $679,650 ), and 15 year conforming loans are about 3.8%-3.9% (375%-43.9% for conforming jumbos and 3.8% to 4.4% 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.

Second 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 $479 per sq. ft. an increase of 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 34 units at the end of June, is up approx. 17% compared to this time a year ago. The average number of sales per month over the last 3 months of 16 units per month is down approx. 9% compared to the same period a year ago. There are 15 units in escrow with contingencies removed (pended) at the end of June, 

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