Statistics for the month of October 2009 for Palos Verdes real estate are now available and they again indicate stability in our market. The Active number of homes for sale in Palos Verdes have continued to decrease to an all time low (in the last 15 months) of 292 homes currently available for sale. 66 homes Sold/closed escrow in October and 76 homes have Pending Sales which is twice as many as October 2008 yet consistent with the prior five months of 2009. Our sales have been holding.
The average price for all homes (including townhomes/condos) that sold in October was $1,140,000 and average price per square foot was $471 which is about average for the prior 6 months. Average Days on Market in October spiked to 110 days from 73 in September. Months of Inventory (months it would take to sell existing inventory at the current rate of sale) for October was 4.4 months down from 14 months for October 2008 and consistent with the prior three months. Entire charts can be accessed by clicking here or on the “Statistics” tab above.
Currently, there are 273 homes for sale on the Palos Verdes Peninsula. Additionally 64 homes have pending sales, 59 homes are in escrow accepting backup offers and 23 homes have sold/closed escrow in the first 13 days of November.
