July 2011 statistics for Palos Verdes real estate are better in some categories and not quite as good in others. 68 Palos Verdes houses had pending sales in July 2011 compared to 58 homes in June. 55 Palos Verdes homes sold/closed escrow in July while 53 homes sold in June and both months similar to what we experienced last year. Inventory of Palos Verdes homes for sale was 286 for July 2011 and 342 for July 2010 which gives the edge to the sellers.
In July, price per square foot/average sales price for Palos Verdes homes sold was down to $454/$1,187,000 from $493/$1,436,000 in June (27 of the 55 homes sold in July were under $1,000,000). Average days on market in July increased to 77 days from 58 days in June; inventory of active Palos Verdes homes for sale was almost exactly the same – 286 homes in July and 285 homes in June. Months of inventory (months it would take to sell existing inventory at the current rate of sale) fell to 5.2 months in July from 5.4 months in June. A “normal” market 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. 108 Palos Verdes houses are in escrow (56 homes have pending sales and 53 homes are accepting backup offers). Additionally, 14 homes have sold/closed escrow in the first 9 days of August.
Chart courtesy of Trendgraphix, Inc.
