January 2010 statistics for Palos Verdes real estate again indicate a very strong month compared to January 2009 with sold/closed escrows up 66% (30 homes versus 18 in Jan 09) and pending sales more than doubled (52 homes versus 18 in Jan 09). 200 Palos Verdes homes were for sale in January 2010 compared to 293 homes in January 2009. Buyers seem to be back in the market with most of the agents I speak to commenting on how the market has picked up and they are busier than they have been for the last two years.
Sold to List Price was 97% in January which is another indication of a stable market (along with the lower than average inventory). January 2010 shows the average Days on Market fell to 70 days from 84 in December 2009. The average sales price in January 2010 was $1,297,000 which is higher than January 2009 at $1,135,000.(December 2009 was $1,555,000 which included several high end sales). Months of Inventory (months it would take to sell existing inventory at the current rate of sale for January was 6.7 up from the low of 4.2 months in December. Entire charts can be accessed by clicking here or on the “Statistics” tab above.
Currently, there are 183 Palos Verdes homes for sale. Additionally 47 homes have pending sales, 48 homes are in escrow accepting backup offers and 11 homes have sold/closed escrow in the first 11 days of February.
