Palos Verdes real estate statistics for June 2012 indicate more of the same good numbers we have experienced the last several months. 71 Palos Verdes houses sold in June which is a considerable increase from the 56 homes that sold in May and the highest number of monthly sales in recent memory. June pending sales increased to 67 from the 55 Palos Verdes single family homes pending in May. The number of active Palos Verdes homes for sale in June rose to 196 homes in June from 182 homes in May. Even that small increase is appreciated as inventory of homes for sale has remained low for the past 7 months.
Average sales price for Palos Verdes homes sold in June is exactly the same as May – $1,447,000. Price per square foot for Palos Verdes houses that sold/closed escrow in June decreased to $473 from $493 in May. Average days on market in June fell to 87 days from 104 days in May for properties sold that month. Months of inventory (months it would take to sell existing inventory at the current rate of sale) decreased to 2.8 months for June compared to 3.3 months in May. A “normal” market is considered 6 months of inventory – Palos Verdes real estate months of inventory is less than half of a “normal” market indicating the strength of our local market . 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. 110 Palos Verdes houses are in escrow (51 homes have pending sales and 59 homes are accepting backup offers). Additionally, 7 homes have sold/closed escrow in the first 12 days of July; the Fourth of July holiday slowed the escrow closings last week.
Chart courtesy of Trendgraphix, Inc.
