March 2011 statistics for Palos Verdes real estate indicate a rise in average sales price for Palos Verdes homes – $1,728,000 compared to $1,361,000 in February. Although this is exciting, it is not sustainable as last month a Palos Verdes house sold for $9,150,000 which was the highest price since 2007 (click here to read more about that sale). 9 additional sales were over $2,000,000. 43 Palos Verdes homes sold/closed escrow in March compared to 32 single family homes in February. Pending sales in March were also up – 65 Palos Verdes houses compared to 43 homes pending in February.
There were 239 active Palos Verdes homes for sale in March, up from 209 in February. Average days on market for Palos Verdes homes went down to 77 days in March from 95 days in February. Months of Inventory (months it would take to sell existing inventory at the current rate of sale) was 5.6 months in March compared to 6.5 months in February. 6 months is considered a “normal” market. Entire charts can be accessed by clicking here or on the “Statistics” tab above.
Currently, there are 249 single family Palos Verdes homes for sale. 103 Palos Verdes houses are in escrow (50 homes have pending sales and 53 homes are accepting backup offers). Additionally, 10 homes have sold/closed escrow in the first 9 days of April.
Chart courtesy of Trendgraphix, Inc.
