August 2011 statistics for Palos Verdes real estate are better all categories. 68 Palos Verdes houses had pending sales in August 2011 compared to 63 homes in July. 58 single family Palos Verdes homes sold/closed escrow in August while 55 homes sold in July. Inventory of active Palos Verdes homes for sale was 278 for August 2011 continuing to fall from 286 homes in July which makes the market a little tighter for buyers. It is exciting to note that August 2011 statistics in all three categories were better than August of 2010 which had only 40 Palos Verdes houses sold, 54 pending and significantly more active listings at 343.
In August, price per square foot/average sales price for Palos Verdes homes sold was up to $468/$1,304,000 from $454/$1,187,000 in July (38 of the 58 homes sold in August were over $1,000,000). Average days on market in August decreased to 65 days from 77 days in July. Months of inventory (months it would take to sell existing inventory at the current rate of sale) fell to 4.8 months in July from 5.2 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 263 single family Palos Verdes homes for sale. 108 Palos Verdes houses are in escrow (54 homes have pending sales and 54 homes are accepting backup offers). Additionally, 9 homes have sold/closed escrow in the first 8 days of September with an average sales price of $2,091,678 (okay, we had a few large sales but that number looks great, doesn’t it?).
Chart courtesy of Trendgraphix, Inc.
