Palos Verdes Real Estate Sales July 2014 For Palos Verdes Homes
Palos Verdes real estate sales for July 2014 for Palos Verdes homes indicates a significant increase in sales compared to June. 87 Palos Verdes houses sold in July which increased from the 54 homes sold in June and the 72 homes that sold in July 2013. There were 65 Palos Verdes single family homes pending in July which decrease from the 84 homes pending in June. The number of active Palos Verdes homes for sale in July increased to 231 homes from 201 homes in June. Inventory of homes for sale has been increasing since December of last year.
Average sales price for Palos Verdes homes sold in July decreased to $1,550,000 from $1,692,000 in June and was up from the $1,461,000 in July 2013. (The average sales price for the first 7 months of 2014 is $1,592,000.) Price per square foot for Palos Verdes houses that sold/closed escrow in July was up slightly to $553 from $543 in June. Average days on market in July was 69 days which is a significant decrease from 91 days in June. Months of inventory (months it would take to sell existing inventory at the current rate of sale) also decreased to 2.7 months in July for Palos Verdes homes for sale compared to 3.7 months in June. A “normal” market is considered 6 months of inventory and Palos Verdes real estate “months of inventory” is significantly lower indicating the continuing high demand for Palos Verdes homes. Entire charts can be accessed by clicking here or on the “Statistics” tab above.
Currently, there are 232 single family Palos Verdes homes for sale. 85 Palos Verdes houses are in escrow (34 homes have pending sales and 51 homes are accepting backup offers). Additionally, 18 homes have sold/closed escrow in the first 8 days of July.
To read last month’s report on Palos Verdes Real Estate sales, click here.
Chart courtesy of Trendgraphix, Inc.
