February 2012 Palos Verdes real estate statistics show an increase both in Palos Verdes homes sold and pending sales compared to January. 38 Palos Verdes houses sold in February compared to 34 homes in January. There was a large increase in February pending sales – 63 homes compared to 44 in January. The big surprise is the number of active Palos Verdes homes for sale in February decreased to 179 homes from 192 homes in January. We expected an increase of homes for sale as we go into the Spring selling season. We are at historic lows for inventory of active Palos Verdes homes for sale which makes it more of a balanced market between buyers and sellers.
Another surprise was the significant decrease in average sales price for Palos Verdes homes sold in February – $1,043,000 compared to $1,578,000 in January. A $7,000,000 home sold in January which probably helped that statistic and 25 out of the 38 homes sold in February were under $1,000,000 – that is 65.8%! Price per square foot for Palos Verdes houses that sold/closed escrow in February was $447 which decreased from $508 in January but was nearly the same as December’s $449. Average days on market in February was 155 days which was much higher than 94 days in January for properties sold that month. Months of inventory (months it would take to sell existing inventory at the current rate of sale) fell to 4.7 months for February compared to 5.6 months in January. An “normal” market is considered 6 months of inventory – so we are experiencing better than normal in this area. Entire charts can be accessed by clicking here or on the “Statistics” tab above.
Currently, there are 176 single family Palos Verdes homes for sale. 107 Palos Verdes houses are in escrow (47 homes have pending sales and 60 homes are accepting backup offers). Additionally, 11 homes have sold/closed escrow in the first 8 days of February.
Chart courtesy of Trendgraphix, Inc.
