August 2009 Market Statistics

Statistics for the month of August for Palos Verdes real estate are now available an for the third month in a row, the numbers are looking better. As you will note from the graph above, the number of active residential properties for sale in Palos Verdes have fallen from 434 August 2008 to 325 in August 2009. Additionally, for August 2009 both pending sales and sold/closed escrows have almost doubled (88 Pending and 75 Sold) from August 2008 (49 Pending and 38 Sold).

Average price per square foot for the last 11 months has been holding pretty steady with small ups and downs averaging $467 (August 2009 was $473). Average Days on Market in August was 78 days compared to 82 days in August 2008. Months of inventory (months it would take to sell existing inventory at the current rate of sale) for August 2009 was 4.3, the lowest it has been in two years! Entire charts can be accessed by clicking here or on the “Statistics” tab above.

Currently, there are 303 single family homes for sale on the Palos Verdes Peninsula. Additionally, 73 homes have pending sales, 58 homes are in escrow acccepting backup offers and 27 homes have sold/closed escrow in the first 11 days of September.

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