September 2011 statistics for Palos Verdes real estate show a decrease in the number of sales and another increase in the average price for a Palos Verdes home sold in September. 44 Palos Verdes houses sold/closed escrow in September compared to 59 single family homes sold in August. Average sales price for Palos Verdes homes sold in September was $1,396,000 compared to $1,306,000 for August. 51 Palos Verdes houses had pending sales in September compared to 68 homes in August. If this trend continues, sales may be slowing down a little earlier than last year.
Inventory of active Palos Verdes homes for sale was 268, continuing to fall from 278 in August which makes the market a little tighter for buyers. In September 2011, price per square foot for Palos Verdes houses that sold/closed escrow was $472 up slightly from $467 in August. Average days on market in September increased to 86 days from 65 days in August for properties sold that month. Months of inventory (months it would take to sell existing inventory at the current rate of sale) was 6.1 months for September compared to 4.7 months in August. We are still within the “normal market” range which is 6 months. 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. 104 Palos Verdes houses are in escrow (48 homes have pending sales and 56 homes are accepting backup offers). Additionally, 10 homes have sold/closed escrow in the first 12 days of October with an average sales price of $1,188,750 which is significantly less than this time last month when we had several high priced property sales.
Chart courtesy of Trendgraphix, Inc.
