Statistics for the month of August for Palos Verdes Real Estate are now available. There were 29 closed escrows, 26 pending sales in August and 51 closed escrows and 26 pending sales in July. The number of closed escrows are down compared to the last 5 months.
Average price for homes that closed escrow in August was nearly the same at $1,480,000 compared to July at $1,496,000. Average days on market for properties that closed escrow in August rose to 89 days from 52 days in July. Sold prices compared to list prices was 96% which was slightly increased from 95% in July. The most significant increase was 9.3 Months of Inventory (how many months it would take to sell existing inventory at the current rate of sale) for August; July had dipped down to 5.4 months. Entire charts can be accessed by clicking here or on the “Statistics” tab above.
Currently, there are 285 single family homes for sale on the Palos Verdes Peninsula. Additionally, 28 homes have pending sales, 24 homes are in escrow accepting backup offers and 11 homes have sold/closed escrow in the first 12 days of September.
The Los Angeles Business Journal article, “Median Home Prices Persist in Steady Decline” on September 8, 2008, indicates that Palos Verdes Estates (zip code 90274) showed a 9% increase in median price for August 2008 compared to August 2007. Rancho Palos Verdes (zip code 90275) showed a 2% increase in median price for August 2008 compared to August 2007.
