Palos Verdes real estate sales October 2017 for Palos Verdes homes decreased compared to September. 52 Palos Verdes houses sold in October which decreased from the 67 homes sold in September and decreased from the the 54 homes that sold in October 2016. There were 52 Palos Verdes single family homes pending in October which decreased from the 60 homes pending in September. The number of active Palos Verdes homes for sale in October (183) decreased from the 189 homes for sale in September.
Average sales price for Palos Verdes homes sold in October increased to $1,630,000 from $1,560,000 in September and decreased from the $1,722,000 in October 2016. Price per square foot for Palos Verdes houses that sold/closed escrow in October decreased to $590 from September ($612). Average days on market in October decreased to 42 days from 44 days in September. Months of inventory (months it would take to sell existing inventory at the current rate of sale) increased to 3.5 months in October for Palos Verdes homes for sale compared to 2.8 months in September. A “normal” market is considered 6 months of inventory and Palos Verdes real estate “months of inventory” is 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 170 single family Palos Verdes homes for sale. 66 Palos Verdes houses are in escrow (29 homes have pending sales and 37 homes are under contract). Additionally, 17 homes have sold/closed escrow in the first 9 days of November with an average sales price of $1,647,118.
To read last month’s report on Palos Verdes Real Estate sales, click here.
Chart courtesy of Trendgraphix, Inc.