May 2012 Palos Verdes real estate statistics indicate more of the same good numbers we experienced last month. 55 Palos Verdes houses sold in May which is exactly the same as April. May pending sales are just about the same as April – 63 homes compared to 64 in April. The number of active Palos Verdes homes for sale in May rose just 4 homes to 182 in May from 178 homes in April. As you can see from the chart above, inventory of homes for sale has been flat for the last 6 months indicating a high demand for homes in the Palos Verdes area.
Average sales price for Palos Verdes homes sold in May increased to $1,439,000 compared to $1,369,000 in in April. Price per square foot for Palos Verdes houses that sold/closed escrow in May also increased to $494 from $486 in April. Average days on market in May was 106 days which was more than the 90 days in April for properties sold that month. Months of inventory (months it would take to sell existing inventory at the current rate of sale) was to 3.3 months for May which was just about the same as April which was 3.2 months. 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 196 single family Palos Verdes homes for sale. 114 Palos Verdes houses are in escrow (55 homes have pending sales and 59 homes are accepting backup offers). Additionally, 24 homes have sold/closed escrow in the first 11 days of May with the average sales price of $1,564,742.
Chart courtesy of Trendgraphix, Inc.
