Statistics for the month of July for Palos Verdes Real Estate are available and the results were mixed again for July – more closed escrows and less pending sales. There were 38 closed escrows and 45 pending sales in June vs. 48 closed escrows and 21 pending sales in July. The days on market for sold properties in July was only 52 days compared to 67 days in June.
Average price for homes that closed escrow in July was down at$1,489,000 which could be an anomoly (please see entire chart by clicking here or on the “Statistics” tab above) as was the $700,000 spike upward for December 2007. Average prices for some individual neighborhoods like Lunada Bay actually posted an increase of 30%. Large swings can be caused by the specific homes that closed that particular month. Months of Inventory (how many months it would take to sell existing inventory at the current rate of sale) fell from 7.1 months in June to 5.8 months in July (a good sign).
Currently, there are 278 single family homes for sale on the Palos Verdes Peninsula. Additionally, 27 homes have pending sales; 22 homes are in escrow accepting backup offers; and 22 homes have sold/closed escrow since August 1st. Overall, 15% of single family homes for sale are in escrow!
