November 2011 statistics for Palos Verdes real estate look pretty good. There is an increase in both the number of sales and pending sales for Palos Verdes homes sold in November. 50 Palos Verdes houses sold/closed escrow in November compared to 38 single family homes sold in October. Look at how November 2011 sales compare to November 2010 sales which had only 19 sales making sales this November’s sales huge! 54 Palos Verdes houses had pending sales in November compared to 51 homes in October. Inventory of active Palos Verdes homes for sale was 216, continuing the seasonal reduction in inventory (242 in October). It is interesting to note that in November 2010 there were 281 active Palos Verdes homes for sale – this year less choices for buyers.
In November 2011, price per square foot for Palos Verdes houses that sold/closed escrow was $439 which decreased from $471 in October. Average sales price for Palos Verdes homes sold in November was $1,116,000 compared to $1,294,000 for October. 27 of the 50 Palos Verdes houses that sold in November were under $1,000,000. Average days on market in November decreased to 79 days from 103 days in October for properties sold that month. Months of inventory (months it would take to sell existing inventory at the current rate of sale) fell to 4.3 months for November compared to 6.4 months in October putting Palos Verdes real estate below the “normal market” range (a good thing) which is 6 months. Entire charts can be accessed by clicking here or on the “Statistics” tab above.
Currently, there are 193 single family Palos Verdes homes for sale. 96 Palos Verdes houses are in escrow (47 homes have pending sales and 49 homes are accepting backup offers). Additionally, 12 homes have sold/closed escrow in the first 8 days of December at an average sales price of $1,983,950 thanks to a sale at $6,300,000 and at $4,150,000. That average sales price is not sustainable as the average list price of pending and backup sales is $1,433,247.
Chart courtesy of Trendgraphix, Inc.
