Palos Verdes real estate sales March 2018 for Palos Verdes homes increased compared to February. 59 Palos Verdes houses sold in March compared to the 41 homes sold in February and increased compared to the 56 homes that sold in March 2017. There were 74 Palos Verdes single family homes pending in March which increased from the 53 homes pending in February. The number of active Palos Verdes homes for sale in March (152) increased from the 146 homes for sale in February.
Average sales price for Palos Verdes homes sold in March decreased to $1,774,000 from $1,806,000 in February and decreased from the $1,782,000 in March 2017. Price per square foot for Palos Verdes houses that sold/closed escrow in March decreased to $614 from February ($647). Average days on market in March decreased to 55 days from 58 days in February. Months of inventory (months it would take to sell existing inventory at the current rate of sale) increased to 2.6 months in March for Palos Verdes homes for sale compared to 3.6 months in February. 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 153 single family Palos Verdes homes for sale. 90 Palos Verdes houses are in escrow (48 homes have pending sales and 42 homes are under contract). Additionally, 10 homes have sold/closed escrow in the first 9 days of April.
To read last month’s report on Palos Verdes Real Estate sales, click here.
Chart courtesy of Trendgraphix, Inc.