Statistics for single family homes for the month of June for Palos Verdes real estate are now available and as I indicated in my post earlier this week, “Good News for Palos Verdes Real Estate,” the numbers are looking better. June 2009 had nearly twice as many closed sales (47) and one additional pending sale compared to May 2009. Months of inventory (months it would take to sell existing inventory at the current rate of sale) decreased to 6 months for June 2009 compared to almost 12 months in May 2009.
It is also interesting to note that in June of last year there were 38 closed sales; this June, the closed sales were 23% higher! Active single family homes for sale in Palos Verdes in June 2009 was exactly the same as May at 281. Average days on market in June 2009 decreased to 69 compared to 86 days on market in May. Average price per square foot for homes that closed escrow in June 2009 was $489 ($488 in May). The average price for homes that closed escrow in June 2009 was $1,316,000 compared to $1,356,000 in May. The average price for homes that closed escrow in the last 6 months is $1,273,333. Entire charts can be accesses by clicking here or on the “Statistics” tab above.
Currently, there are 291 single family homes for sale on the Palos Verdes Peninsula. Additionally, 45 homes have pending sales, 43 homes are in escrow accepting backup offers and 20homes have sold/closed escrow in the first 10 days of July. If we continue at the current rate of closed escrows, it would give July 2009 the highest numbers for the last 2 years!
