Palos Verdes real estate statistics for July 2012 indicate a continued stable market even though we experienced a dip in the number of sales last month. 47 Palos Verdes houses sold in July which is a decrease from the 72 homes that sold in June. However, July pending sales increased to 71 from the 59 Palos Verdes single family homes pending in June. The number of active Palos Verdes homes for sale in July fell to 181 homes from 196 homes in June. Our inventory has continued to fall in August and currently there are only 168 homes for sale.
Price per square foot for Palos Verdes houses that sold/closed escrow in July increased to $490 from $471 in June. Average sales price for Palos Verdes homes sold in July decreased to $1,330,000 from $1,440,000 in June. Average days on market in July rose to 96 days from 87 days in June for properties sold that month. Months of inventory (months it would take to sell existing inventory at the current rate of sale) increased to 3.9 months for July compared to an all-time low of 2.7 months in June. A “normal” market is considered 6 months of inventory and Palos Verdes real estate months of inventory is substantially less than that indicating the strength of our local market . Entire charts can be accessed by clicking here or on the “Statistics” tab above.
Currently, there are 168 single family Palos Verdes homes for sale. 122 Palos Verdes houses are in escrow (53 homes have pending sales and 67 homes are accepting backup offers). Additionally, 14 homes have sold/closed escrow in the first 10 days of August.
Chart courtesy of Trendgraphix, Inc.
