Palos Verdes real estate statistics for September 2012 again indicate a solid market. 57 Palos Verdes houses sold in September which is a slight decrease from the 59 homes that sold in August. September pending sales increased to 62 from the 53 Palos Verdes single family homes pending in August. The number of active Palos Verdes homes for sale in September was just about the same – 171 homes compared to 170 homes in August. Our inventory of homes for sale is the lowest in recent memory. As you can see by the chart above, in September we had 36% less active Palos Verdes homes for sale compared to September 2011 yet the number of sales through the 3rd quarter of 2012 increased to 470 homes compared to 428 homes sold through the 3rd quarter of 2011. Demand is definitely up for Palos Verdes houses.
Price per square foot for Palos Verdes houses that sold/closed escrow in September increased slightly to $458 from $453 in August. Average sales price for Palos Verdes homes sold in September decreased to $1,273,000 from $1,357,000 in August. Average days on market in September rose slightly to 101 days from 97 days in August for properties sold that month. Months of inventory (months it would take to sell existing inventory at the current rate of sale) increased slightly to 3 months for September compared to 2.9 months in August. A “normal” market is considered 6 months of inventory and Palos Verdes real estate months of inventory is substantially less than that indicating the strength of our local market . Entire charts can be accessed by clicking here or on the “Statistics” tab above.
Currently, there are 179 single family Palos Verdes homes for sale. 101 Palos Verdes houses are in escrow (55 homes have pending sales and 46 homes are accepting backup offers). Additionally, 9 homes have sold/closed escrow in the first 10 days of September.
Chart courtesy of Trendgraphix, Inc.
