May 2010 statistics for Palos Verdes real estate again indicate stability in our market. 57 single family homes sold/closed escrow in May compared to 47 in April and 25 in May of last year. 63 Palos Verdes homes had pending sales for May which is 10 more than April and almost twice as many as May of last year. Active homes for sale for in May is up slightly to 238 (226 in April).
All the statistics moved positively in May. The average sales price in May 2010 was $1,422,000 up from $1,311,000 in April. Average days on market in May fell to 80 days from 92 days in April. Average price per square foot rose to $500 in May from $490 in April. And a very important indicator – Months of Inventory (months it would take to sell existing inventory at the current rate of sale) for May was 4.2 months which was down slightly from April’s number of 4.8. 6 months inventory is the benchmark for a “normal” market and our numbers have been lower for the past year. Entire charts can e accessed by clicking here or on the “Statistics” tab above.
Currently, there are 250 Palos Verdes homes for sale. 118 homes are in escrow (63 homes have pending sales and 55 homes are accepting backup offers). For the last 4 months, nearly one third of homes for sale in Palos Verdes are in escrow! Additionally, 12 homes have sold/closed escrow in the first 12 days of June.
