April 2010 statistics for Palos Verdes real estate indicate stability in our market. 47 homes sold/closed escrow in April compared to 49 in March and 34 in April last year. 60 Palos Verdes homes had pending sales for April which just about duplicates March numbers. Months of Inventory (months it would take to sell existing inventory at the current rate of sale) for April was 4.8 months. 6 months is considered a “normal” market and we have been experiencing 4.2 months to 6 months (with 6.7 months in January 2010) for almost a year. Another good sign!
The average sales price in April 2010 was $1,311,000 up from $1,228,000 in March. 226 Palos Verdes homes were for sale in April 2010 which is up from 208 homes in March and down from 303 homes in April of 2009. Our inventory has slowly been rising since the first of the year which is giving buyers more selection and has been absorbed by the market (4.8 months of inventory). Average price per square foot for Palos Verdes homes in April rose to $490 from $479 in March. Entire charts can be accessed by clicking here or on the “Statistics” tab above.
Currently, there are 297 Palos Verdes homes for sale. Additionally, 135 homes are in escrow (64 homes have pending sales and 71 homes are accepting backup offers). For the last 3 months, nearly one third of homes for sale in Palos Verdes are in escrow! Additionally, 43 homes have sold/closed escrow in the first 15 days of May which indicates that sales for May will be much stronger than April.
