Palos Verdes real estate statistics for August 2012 indicate a solid market. 57 Palos Verdes houses sold in August which is an increase from the 47 homes that sold in July. August pending sales decreased slightly to 59 from the 61 Palos Verdes single family homes pending in July. The number of active Palos Verdes homes for sale in August continued to fall to 170 homes from 181 homes in June. Our inventory of homes for sale is the lowest in recent memory.
Average sales price for Palos Verdes homes sold in August increased to $1,375,000 from $1,330,000 in July. Price per square foot for Palos Verdes houses that sold/closed escrow in August decreased to $455 from $490 in July. Average days on market in August rose slightly to 98 days from 96 days in July for properties sold that month. Months of inventory (months it would take to sell existing inventory at the current rate of sale) decreased to 3 months for August compared to 3.9 months in July. 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 176 single family Palos Verdes homes for sale. 99 Palos Verdes houses are in escrow (52 homes have pending sales and 47 homes are accepting backup offers). Additionally, 11 homes have sold/closed escrow in the first 10 days of August.
Chart courtesy of Trendgraphix, Inc.
