February 2010 statistics for Palos Verdes real estate again indicate a very strong month compared to February 2010 with sold/closed escrows almost triple of that in February 2009 (32 homes in Feb 2010 vs 12 homes in Feb 2009). Pending sales more than doubled (47 homes in Feb 2010 vs 22 homes in Feb 2009). 192 Palos Verdes homes were for sale in February 2010 compared to 311 in February 2009. With these low inventory numbers we are experiencing, demand is staying up.
The average sales price in February 2010 was $1,368,000 which is higher than February 2009 at $1,110,000 and a bit higher than January 2010 at $1,297,000 but right in line with the average for the past 12 months ($1,323,000). Months of Inventory (months it would take to sell existing inventory at the current rate of sale for February was 6 months down from 6.7 months in January. Sold to list price in February fell to 93% from a high of 97% in January. In February, average Days on Market increased to 107 from a low in January of 70 days. Entire charts can be accessed by clicking here or on the “Statistics” tab above.
Currently, there are 188 Palos Verdes home for sale. Additionally 101 homes are in escrow (55 homes have pending sales and 46 homes are accepting backup offers). One third of homes for sale are in escrow! And the Spring selling season is still in front of us. Additionally, 18 homes have sold/closed escrow in the first 10 days of February.
