Palos Verdes Source

Statistics for single family homes for the month of May for Palos Verdes real estate are now available. May 2009 had 5 less closed sales and 19 less pending sales than April 2009. Inventory of active listings/homes for sale fell to 281 in May. The average price for homes that closed in May fell 5.7% and the average days on market also decreased.

For the month of May, there were 24 closed sales (29 in April) and 22 pending sales (a restated 41 pending sales in April). Active single family homes for sale in Palos Verdes fell to 281 (from 291 in March). Average price for homes that closed in May decreased to $1,356,000 from $$1,438,000 in April. Average days on market in May decreased to 86 (from 102 in April). Months of inventory (months it would take to sell existing inventory at the current rate of sale) increased to 11.7 (from 10 in April). Entire charts can be accessed by clicking here or on the “Statistics” tab above.

Currently, there are 296 single family homes for sale on the Palos Verdes Peninsula. Additionally, 47 homes have pending sales, 45 homes are in escrow accepting backup offers and 19 homes have sold/closed escrow in the first 15 days of June. We have almost met the total number of sold/closed escrow for all of last month and we are only half way through June!