August 2010 statistics for Palos Verdes real estate are mixed when compared to July 2010 and August of last year. Inventory (275 active homes for sale) is down from July, pending sales (70) are almost double that of July, and sales (40) are down 25.9% compared to July. In August 2009, 51 Palos Verdes homes sold/closed escrow, 62 homes has pending sales and active homes for sale was the same.
What does this mean? It bears watching over the next couple of months; although the high pending sales number in August means more escrows closing in September 2010. As a matter of fact, 19 homes have already sold/closed escrow in the first 10 days of September with an average sales price of $1,612,658. This month is looking stronger.
The Average Sales Price for Palos Verdes homes in August 2010 was $1,242,000 down from $1,332,000 in July. Average Days On Market in August was 58 compared to 55 days in July. Months of Inventory (months it would take to sell existing inventory at the current rate of sale) for August was 6.9 months up from 5.2 months in July and is a result of the lower sales number for August. Entire charts can be accessed by clicking here or on the “Statistics” tab above.
Currently, there are 265 Palos Verdes homes for sale. 95 homes are in escrow (47 homes have pending sales and 48 homes are accepting backup offers). Additionally, 19 homes have sold/closed escrow in the first 10 days of September.
Chart courtesy of Trendgraphix, Inc.
