March 2010 statistics for Palos Verdes real estate again indicate stability in our market. 49 homes sold/closed escrow in March 2010 compared to 32 in February and 29 in March last year. Pending sales nearly doubled to 65 in March 2010 from 39 in February (March 2009 had 39 pending sales). 208 Palos Verdes homes were for sale in March 2010 compared to 319 in March 2009. Our inventory of homes for sale is still low and demand is staying up.
The average sales price in March 2010 was $1,228,000 which is about the same as March 2009 ($1,236,000) and lower than February 2010 ($1,368,000). The average price per square foot for March 2010 was $479 – about the same as last March ($471) and lower than February 2010 ($485). Months of Inventory (months it would take to sell existing inventory at the current rate of sale) for March was 4.2 months which is low. An average market is considered to be 6 months of inventory. In March, average Days on Market decreased 3 from 107 days in February. Entire charts can be accessed by clicking here or on the “Statistics” tab above.
Currently, there are 212 Palos Verdes home for sale. Additionally, 101 homes are in escrow (50 homes have pending sales and 51 homes are accepting backup offers). Like last month, nearly one third of homes for sale in Palos Verdes are in escrow! Additionally, 16 homes have sold/closed escrow in the first 11 days of April.
