Statistics for single family homes for the month of October for Palos Verdes Real Estate are now available. There were 21 closed escrows (32 in September) and 16 pending sales (19 in September). Active homes for sale have been reduced a bit to 264 (276 in September) .
Average price for homes that closed escrow in October declined to $1,227,000 from $1,455,000 in October. This reflects the lower end homes that closed in October (only 1 home sold over $1,850,000 and 8 sold for less than $975,000). Average days on market in October rose to 93 (from 58 in September). Months of inventory (how many months it would take to sell existing inventory at the current rate of sale) spiked to 12.6 months; it was 8.6 months in September. Entire charts can be accessed by clicking here or on the “Statistics” tab above.
Currently, there are 260 single family homes for sale on the Palos Verdes Peninsula. Additionally, 31 homes have pending sales, 20 homes are in escrow accepting backup offers and 4 homes have sold/closed escrow in the first 14 days of November. For the first time in years, as of October 31, 2008, the average sales price for the Palos Verdes Peninsula fell 2.6% to $1,647,655 compared to 2007 average sales price ($1,692,046).
