December 2011 statistics for Palos Verdes real estate show a slowdown from November but on track compared to December 2010. Both pending sales and the number of Palos Verdes homes sold in December 2011 was less than the prior month. 47 Palos Verdes houses sold/closed escrow in December compared to 50 single family homes sold in November. December 2011 sales (47) are almost exactly the same as December 2010 (48). 41 Palos Verdes houses had pending sales in December compared to 50 homes in November. Inventory of active Palos Verdes homes for sale was 172, continuing the seasonal reduction in inventory (216 in October). It is interesting to note that in December 2010 there were 236 active Palos Verdes homes for sale – this year less choices for buyers and the lowest inventory in recent memory.
In December 2011, average sales price for Palos Verdes homes sold was $1,462,000 compared to $1,116,000 for November. 10 Palos Verdes houses that sold in December were $2,000,000 or higher. Price per square foot for Palos Verdes houses that sold/closed escrow in December was $449 which increased from $439 in November. Average days on market in December increased to 97 days from 79 days in November for properties sold that month. Months of inventory (months it would take to sell existing inventory at the current rate of sale) fell to 3.7 months for December compared to 4.3 months in November 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 185 single family Palos Verdes homes for sale. 78 Palos Verdes houses are in escrow (35 homes have pending sales and 43 homes are accepting backup offers). Additionally, 7 homes have sold/closed escrow in the first 11 days of January at an average sales price of $1,179,429.
Chart courtesy of Trendgraphix, Inc.
