Statistics for the month of December 2010 for Palos Verdes real estate indicate stability. I have to admit I was a little nervous with the November results but December numbers have returned to what has been a normal market for us. 47 Palos Verdes homes sold/closed escrow in December; 18 sold in November (45 single family homes sold in December 2009). In December, 45 homes had pending sales which was virtually the same as November which had 47 pending sales. There were 188 active Palos Verdes homes for sale which was a continued decrease from 221 in November and a result of the normal decrease in inventory during the holidays.
Average sales price for December was up to $1386,000 from $1,164,000 in November. The average price per square foot for Palos Verdes homes was $492 compared to $472 in November. Months of Inventory (months it would take to sell existing inventory at the current rate of sale) was reduced to 4 months for December compared to 12.3 months for November – 4 months was the lowest we experienced all year. Average Days on Market for December also fell to 73 days from 96 in November. Entire charts can be accessed by clicking here or on the “Statistics tab above.
Currently, there are 179 Palos Verdes homes for sale. 77 single family homes are in escrow (37 homes have pending sales and 40 homes are accepting backup offers). Additionally, 10 homes have sold/closed escrow in the first 10 days of January.
Chart courtesy of Trendgraphix, Inc.
