Palos Verdes Source

Statistics for the month of June for Palos Verdes real estate are available and the results are mixed - holding as far as price is concerned and down for number of transactions.  The average price for single family homes sold in the month of June was $1,786,000 up from $1,677,000 in May ($1,699,000 average for the last 12 months).

The statistics are different for number of pending and sold transactions which are both down.  June ’08 had 35 pending and 37 sold compared to May with 41 pending and 43 sold.  Inventory of homes for sale is up - 270 in June vs. 258 in May.  Months of Inventory (how many months it would take to sell existing inventory at the current rate of sale) was also up to 7.3 months in June vs. 6 months in May.  Average Days on Market for properties that closed escrow in June was 69.  There are 5 graphs available by clicking here or on the “Statistics” tab at the top of the page.

Currently, there are 265 single family homes for sale on the Palos Verdes Peninsula.   Additionally, 51 homes have pending sales; 21 homes are in escrow accepting backup offers; and 17 homes have sold/closed escrow since July 1st.  Overall, 21% of single family homes for sale are in escrow!

Statistics for the month of May for Palos Verdes real estate are available and indicate our market is holding.  Average price for single family homes sold in the month of May was $1,677,000 vs $1,667,000 in April.  Number of homes reported sold (closed escrow) for the month of May was 43 which was the same for April.  Number of homes pending for the month of May was 39 vs 40 in April.  Inventory of homes for sale was nearly the same - 258 in May and 254 in April.  Months of Inventory (how many months it would take to sell existing inventory at the current rate of sale) was virtually the same; 6 months for May vs 5.9 months for April.  There are 5 graphs available by clicking here or on the “Statistics” tab at the top of the page.

Currently, there are 244 single family homes for sale on the Palos Verdes Peninsula.  53 homes have pending sales; 21 homes are in escrow accepting backup offers; and 14 homes have sold/closed escrow since June 1st.  This is still a buyer’s market.  Well-priced homes are selling quickly.  Interest rates (30-year fixed) are higher this week — 6.375% conforming and 7.5% jumbo.  Overall, 23% of single family homes for sale are in escrow!