Palos Verdes Source

Statistics for the month of June for Palos Verdes real estate are available and the results are mixed - holding as far as price is concerned and down for number of transactions.  The average price for single family homes sold in the month of June was $1,786,000 up from $1,677,000 in May ($1,699,000 average for the last 12 months).

The statistics are different for number of pending and sold transactions which are both down.  June ’08 had 35 pending and 37 sold compared to May with 41 pending and 43 sold.  Inventory of homes for sale is up - 270 in June vs. 258 in May.  Months of Inventory (how many months it would take to sell existing inventory at the current rate of sale) was also up to 7.3 months in June vs. 6 months in May.  Average Days on Market for properties that closed escrow in June was 69.  There are 5 graphs available by clicking here or on the “Statistics” tab at the top of the page.

Currently, there are 265 single family homes for sale on the Palos Verdes Peninsula.   Additionally, 51 homes have pending sales; 21 homes are in escrow accepting backup offers; and 17 homes have sold/closed escrow since July 1st.  Overall, 21% of single family homes for sale are in escrow!