Palos Verdes real estate statistics for December 2012 show a significant increase in sales. 60 Palos Verdes houses sold in December which is an increase from the 50 homes that sold in November and a 28% increase from last December. Pending sales decreased in December; there were 48 Palos Verdes single family homes pending compared to 63 in November. The number of active Palos Verdes homes for sale in December decreased to 106 homes compared to 130 homes in November. Our inventory of homes for sale has been decreasing for the last six months. As you can see by the chart above, in December we had 39% less active Palos Verdes homes for sale compared to December 2011 yet the number of sales in 2012 increased to 638 homes compared to 566 homes sold in 2011. Demand is definitely up for Palos Verdes houses.
Average sales price for Palos Verdes homes sold in December increased to $1,425,000 from $1,290,000 in November. Price per square foot for Palos Verdes houses that sold/closed escrow in December was similar to November – $488 compared to $483 in November. Average days on market in December rose slightly to 78 days from 71 days in November for properties sold that month. Months of inventory (months it would take to sell existing inventory at the current rate of sale) decreased significantly to 1.8 months for December Palos Verdes homes for sale compared to 2.6 months in November. I cannot remember when that number has been so low. 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 102 single family Palos Verdes homes for sale. 93 Palos Verdes houses are in escrow (45 homes have pending sales and 48 homes are accepting backup offers). Additionally, 12 homes have sold/closed escrow in the first 10 days of December.
Chart courtesy of Trendgraphix, Inc.
