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!
