Palos Verdes Source

Statistics for single family homes for the month of March for Palos Verdes Real Estate are now available. March 2009 had more than twice as many sold/close escrows and slightly more pending sales than February 2009; the sold/pending numbers are down, however, when compared to March 2008. Inventory of active listings/homes for sale rose again for the third consecutive month which is great for buyers.

For the month of March, there were 29 closed escrows (12 in February) and 23 pending sales (21 in February). Active single family homes for sale rose to 284 (from 263 in February). Average price for homes that closed in March increased to $1,259,000 from $1,110,000 in February. Average days on market in March decreased to 68 (from 99 in February). Months of inventory (how many months it would take to sell existing inventory at the current rate of sale) decreased to 9.8 months (from 21.9 in February). Entire charts can be accessed by clicking here or on the “Statistics” tab above.

Currently, there are 325 single family homes for sale on the Palos Verdes Peninsula. Additionally, 30 homes have pending sales, 22 homes are in escrow accepting backup offers and 11 homes have sold/closed escrow in the first 11 days of April.