April 2011 statistics for Palos Verdes real estate indicate a rise in the number of pending sales for Palos Verdes homes – 74 compared to 55 in March. Actually this is the highest number of pending sales in any one month since at least 2006. 41 single family Palos Verdes homes sold/closed escrow in April compared to 45 in March. Inventory continued to rise in April with 249 Palos Verdes houses for sale compared to 239 in March.
Average sales price in April was $1,248,000 for single family Palos Verdes homes compared to $$1,708,000 in March (which was an anomaly as several higher priced homes closed that month). It is interesting to note that in April the average price per square foot for Palos Verdes homes sold was $508 which was exactly the same as the price per square foot in March. Average days on market in April fell to 66 days from 78 days in March. Months of inventory (months it would take to sell existing inventory at the current rate of sale) was 6.1 months which was up from 5.3 months in March but still at a number which is considered a “normal” market. Entire charts can be accessed by clicking here or on the “Statistics” tab above.
Currently, there are 260 single family Palos Verdes homes for sale. 120 Palos Verdes houses are in escrow (60 homes have pending sales and 60 homes are accepting backup offers). Additionally, 19 homes have sold/closed escrow in the first 11 days of May.
Chart courtesy of Trendgraphix, Inc.
