The numbers are in and owners of Palos Verdes Real Estate single family residences experienced a 6.2% decline in 2008 average sales price compared to 2007. That is actually not bad compared to the rest of Los Angeles County which was down about 28%. Home values on the Palos Verdes Peninsula have held fairly steady: 2008 was the first year of declines in recent memory. Palos Verdes homeowners enjoyed an average of 12% annual appreciation for the prior 5 years – 2007 was 2.1%, 2006 was 2.5%, 2005 was 19.2%, 2004 was 20.2% and 2003 was 16.7%. Number of sales were down from 2007 sales of 533 to 380 for 2008. The highest priced property sold for $7,750,000 in Rancho Palos Verdes and the lowest priced property sold for $600,000 in the unincorporated area of Palos Verdes Peninsula ($450,000 in Eastview).
For the month of December, there were 23 closed escrows (23 also in November) and 14 pending sales (18 in November). Active homes for sale have ben reduced to 222 (239 in November). Average price for homes that closed in December decreased to $1,248,000 from $1,434,000 in November. Average days on market in December increased to 87 from 61 in November. Months of inventory (how many months it would take to sell existing inventory at the current rate of sale) decreased to 9.7 (from 10.4 in November). Entire charts can be accessed by clicking here or on the “Statistics” tab above.
Currently, there are 230 single family homes for sale on the Palos Verdes Peninsula. Additionally, 19 homes have pending sales, 12 homes are in escrow accepting backup offers and 6 homes have sold/closed escrow in the first 12 days of January.
