Palos Verdes Source

Statistics for single family homes for the month of February for Palos Verdes Real Estate are now available. February 2009 had less sold/closed escrows and less pending sales than January 2009 and had increased inventory of active listings/homes for sale. Additionally, February 2009 had half the number of sold/closed escrows and 70% less pending sales when compared to February 2008.

For the month of February, there were 12 closed escrows (16 in January) and 14 pending sales (19 in January). Active single family homes for sale have risen to 263 (from 247 in January). Average price for homes that closed in February decreased to $1,110,000 from $1,169,000 in January. You can see from the “Average Price” chart, available by clicking on the “Statistics” tab above, that the lower end of our market has been selling for the past several months. There is quite a disparity between the average sold price of $1,110,000 and the average list price of $2,365,000. Average days on market in February increased to 99 (from 74 in January). Months of inventory (how many months it would take to sell existing inventory at the current rate of sale) increased to 21.9 months (from 15.4 in January). Entire charts can be accessed by clicking here or on the “Statistics” tab above.

Currently, there are 284 single family homes for sale on the Palos Verdes Peninsula. Additionally, 29 homes have pending sales, 25 homes are in escrow accepting backup offers and 7 homes have sold/closed escrow in the first 10 days of March.