October 2011 statistics for Palos Verdes real estate show a decrease in the number of sales and an increase in pending sales for Palos Verdes homes sold in October. 38 Palos Verdes houses sold/closed escrow in October compared to 44 single family homes sold in September. 59 Palos Verdes houses had pending sales in October compared to 45 homes in September. October buyers may be taking advantage of the very low interest rates. Inventory of active Palos Verdes homes for sale was 242, continuing the seasonal reduction in inventory (268 in September). It is interesting to note that in October 2010 there were 317 active Palos Verdes homes for sale – this year less choices for buyers.
In October 2011, price per square foot for Palos Verdes houses that sold/closed escrow was $471 which was almost the same as $472 for September. However, average sales price for Palos Verdes homes sold in October was $1,294,000 compared to $1,396,000 for September. Average days on market in October increased to 103 days (yikes!) from 86 days in September for properties sold that month. Months of inventory (months it would take to sell existing inventory at the current rate of sale) was 6.4 months for October compared to 6.1 months in September. We are just above 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 230 single family Palos Verdes homes for sale. 100 Palos Verdes houses are in escrow (45 homes have pending sales and 55 homes are accepting backup offers). Additionally, 15 homes have sold/closed escrow in the first 10 days of November which is significantly higher than this time last month when only 8 Palos Verdes homes had sold.
Chart courtesy of Trendgraphix, Inc.
