December 2009 statistics for Palos Verdes real estate indicate a very strong month for single family residences compared to December 2008 with both sales and pendings doubled. 45 Palos Verdes homes sold/closed escrow in December 2009 compared to 25 in December 2008. 38 Palos Verdes homes had pending sales in December 2009 compared to 16 in December 2008. Additionally, in December 2009 there were 190 Palos Verdes homes for sale compared to 275 in December 2008 . This is good as a decrease in supply coupled with a consistent demand keeps prices stable.
The average price for single family Palos Verdes homes that sold in December was $1,555,000 which is up from November at $1,122,000. (7 homes sold over $2,000,000 – including one at $6,400,000 and one at $5,920,000). Average price per square foot for Palos Verdes homes was also up in December 2009 at $517. Average Days on Market in December increased to 84 days from 76 days in November. Months of Inventory (months it would take to sell existing inventory at the current rate of sale for December was 4.2 which was a month decline from November. Entire charts can be accessed by clicking here or on the “Statistics” tab above.
Currently, there are 190 Palos Verdes homes for sale. Additionally 40 homes have pending sales, 39 homes are in escrow accepting backup offers and 13 homes have sold/closed escrow in the first 15 days of January.
