Statistics for the month of November 2010 for Palos Verdes real estate are now available and it shows quite a drop in closed sales for the month – only 18! I am hoping this is an anomoly as 16 Palos Verdes homes have sold/closed escrow in the first 11 days of December. Pending sales for November 2010 are up to 51 from 46 in October. November inventory is again down to 221 active Palos Verdes Homes for sale compared to 254 in October (we are seeing the traditional holiday reduction as homeowners take their properties off the market for the holidays).
Average sales price for November was down to $1,164,000 from $1,438,000 in October. The average price per square foot for Palos Verdes homes was $472 compared to $$480 in October. As there were only 18 Palos Verdes homes that sold/closed escrow in November, it dramatically affected Months of Inventory (months it would take to sell existing inventory at the current rate of sale) which climbed to 12.3 months from 5.5 months in October. Average Days on Market for November also rose to 96 days from 60 days. Entire charts can be accessed by clicking here or on the “Statistics” tab above.
Currently, there are 212 Palos Verdes homes for sale. 86 single family homes are in escrow (37 homes have pending sales and 49 homes are accepting backup offers). Additionally, 16 homes have sold/closed escrow in the first 11 days of December (average sales price is $1,547,694 – three properties sold for over $2,000,000).
Chart courtesy of Trendgraphix, Inc.
