April 2012 Palos Verdes real estate statistics indicate an improved market in all categories. We have experienced slight increases both in Palos Verdes homes sold and pending sales compared to March. 55 Palos Verdes houses sold in April compared to 51 homes in March. April pending sales are just about the same as March – 70 homes compared to 69 in March. The number of active Palos Verdes homes for sale in April was just about the same as in March, 178 compared to 180 homes. We are well into the Spring selling season and have not seen any measurable increase in the number of Palos Verdes homes for sale. We are still 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 38% less inventory in April 2012 compared to April 2011. This indicates a high demand for homes in the Palos Verdes area.
Average sales price for Palos Verdes homes sold in April was $1,369,000 compared to $1,208,000 in March. Price per square foot for Palos Verdes houses that sold/closed escrow in April increased to $486 from $439 in March. Average days on market in April was 90 days which was less than the 111 days in March for properties sold that month. Months of inventory (months it would take to sell existing inventory at the current rate of sale) fell to 3.2 months for April compared to 3.5 months in March. 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 189 single family Palos Verdes homes for sale. 121 Palos Verdes houses are in escrow (54 homes have pending sales and 67 homes are accepting backup offers). Additionally, 15 homes have sold/closed escrow in the first 10 days of April with the average sales price of $1,223,700.
Chart courtesy of Trendgraphix, Inc.
