Palos Verdes real estate sales July 2018 for Palos Verdes homes decreased compared to June. 62 Palos Verdes houses sold in July compared to the 82 homes sold in June and decreased compared to the 78 homes that sold in July 2017. There were 51 Palos Verdes single family homes pending in July which decreased from the 75 homes pending in June. The number of active Palos Verdes homes for sale in July (226) was just about the same as the 225 homes for sale in June.
Average sales price for Palos Verdes homes sold in July decreased to $1,649,000 from $2,025,000 in June and decreased from the $1,812,000 in July 2017. Price per square foot for Palos Verdes houses that sold/closed escrow in July increased to $666 from June ($635). Average days on market in July decreased to 31 days from 54 days in June. Months of inventory (months it would take to sell existing inventory at the current rate of sale) decreased to 3.6 months in July for Palos Verdes homes for sale compared to 2.7 months in June. 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 220 single family Palos Verdes homes for sale. 68 Palos Verdes houses are in escrow (34 homes have pending sales and 34 homes are under contract). Additionally, 21 homes have sold/closed escrow in the first 9 days of August with an average sales price of $1,869,631.
To read last month’s report on Palos Verdes Real Estate sales, click here.
Chart courtesy of Trendgraphix, Inc.