March 2012 Palos Verdes real estate statistics show significant increases both in Palos Verdes homes sold and pending sales compared to February. 51 Palos Verdes houses sold in March compared to 38 homes in February. There was a large increase in March pending sales – 76 homes compared to 54 in February. The number of active Palos Verdes homes for sale in March was just about the same as in February, 180 compared to 179 homes. We still have not seen an increase in the number 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. As you can see from the chart above, we have 36% less inventory in March 2012 compared to March 2011 and and 49% more pending sales March 2012 compared to March 2011 – definitely a tighter market for buyers. It indicates a high demand for the Palos Verdes area.
Average sales price for Palos Verdes homes sold in March was $1,208,000 compared to $1,043,000 in February (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 March was $439 which decreased slightly from $447 in February. Average days on market in March was 111 days which was less than the 155 days in February for properties sold that month. Months of inventory (months it would take to sell existing inventory at the current rate of sale) fell to 3.5 months for March compared to 4.7 months in February. A “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 172 single family Palos Verdes homes for sale. 126 Palos Verdes houses are in escrow (67 homes have pending sales and 59 homes are accepting backup offers). Additionally, 16 homes have sold/closed escrow in the first 11 days of March with the average sales price of $1,313,016.
Chart courtesy of Trendgraphix, Inc.
