May 2011 statistics for Palos Verdes real estate indicate increased sales and increased average sales price for Palos Verdes homes. 60 Palos Verdes houses sold in May 2011 which is the highest number of sales for any month since July 2007. Average sales price for Palos Verdes homes that sold in May rose to $1,491,000 from $1,248,000 in April. The average sales price for Palos Verdes homes for May 2010 was nearly the same at $1,422,000 and has been as high as $1,708,000 and as low as $1,164,000 during the months in between.
May pending sales decreased to 61 homes versus 66 homes in April. Inventory continued to rise in May with 264 Palos Verdes houses for sale compared to 248 in April. Average price per square foot for Palos Verdes homes that sold in May fell slightly to $490 from $508 in April (even though average sales price was up in May – which probably means that more larger homes sold in May. Typically smaller homes sell for a higher square foot price because the lot is included in the computation). Average days on market in May increased to 92 days for Palos Verdes homes sold compared to 66 days in April. Months of inventory (months it would take to sell existing inventory at the current rate of sale) fell to 4.4 months in May compared to 6 months in April (much better than a “normal” market which is considered to be 6 months and anything less is good!). Entire charts can be accessed by clicking here or on the “Statistics” tab above.
Currently, there are 280 single family Palos Verdes homes for sale. 107 Palos Verdes houses are in escrow (47 homes have pending sales and 60 homes are accepting backup offers). Additionally, 21 homes have sold/closed escrow in the first 11 days of June.
Chart courtesy of Trendgraphix, Inc.
