September 2010 statistics for Palos Verdes real estate are in and they look better than last month. Sales/closed escrows are up – 56 single family homes closed escrow in September compared to 40 in August. September inventory is down – 262 active Palos Verdes homes for sale compared to 275 in August. Pending sales are also down (this bears watching); 42 in September compared to 62 in August. The most interesting statistic is that average sales price for September was $1,464,000 up from $1,242,000 in August which means that higher end properties sold in September.
The average price per square foot for Palos Verdes homes was $492, up from $482 in August. Average days on market for homes that closed escrow in September was 66 up from 58 days in August. Months of inventory (months it would take to sell existing inventory at the current rate of sale) for September was 4.7 months down from6.9 months in August and better than the normal market which is considered 6 months. Entire charts can be accessed by clicking here or on the “Statistics” tab above.
Currently, there are 270 Palos Verdes homes for sale. 64 single family homes are in escrow (38 homes have pending sales and 26 homes are accepting backup offers). Additionally, 16 homes have sold/closed escrow in the first 11 days of October.
Chart courtesy of Trendgraphix, Inc.
