Palos Verdes real estate statistics for November 2012 again indicate a slight dip in sales. 48 Palos Verdes houses sold in November which is a decrease from the 55 homes that sold in October. Pending sales are just about the same – in November there were 66 Palos Verdes single family homes pending compared to 69 in October. The number of active Palos Verdes homes for sale in November decreased to 130 homes compared to 152 homes in October. Our inventory of homes for sale continues to be the lowest in recent memory. As you can see by the chart above, in November we had 40% less active Palos Verdes homes for sale compared to November 2011 yet the number of sales to date for 2012 increased to 585 homes compared to 526 homes sold this time last year (click here to read my prior post on 2012 sales). Demand is definitely up for Palos Verdes houses.
Average sales price for Palos Verdes homes sold in November decreased slightly to $1,301,000 from $1,322,000 in October. Price per square foot for Palos Verdes houses that sold/closed escrow in November decreased to $485 from $501 in October. Average days on market in November fell to 68 days from 83 days in October for properties sold that month. Months of inventory (months it would take to sell existing inventory at the current rate of sale) decreased slightly to 2.7 months for November compared to 2.8 months in October. 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 119 single family Palos Verdes homes for sale. 116 Palos Verdes houses are in escrow (56 homes have pending sales and 60 homes are accepting backup offers). Additionally, 11 homes have sold/closed escrow in the first 10 days of November.
Chart courtesy of Trendgraphix, Inc.
