Palos Verdes real estate statistics for January 2013 show the market’s strength. 48 Palos Verdes houses sold in January which is an increase from the 34 homes that sold last January and a decrease from the 60 homes that sold in December. Pending sales increased substantially in January; there were 66 Palos Verdes single family homes pending compared to 43 in December. The number of active Palos Verdes homes for sale in January decreased to a new low of 99 homes compared to 106 homes in December. Our inventory of homes for sale has been decreasing for the last seven months. As you can see by the chart above, in January we had nearly 50% less active Palos Verdes homes for sale compared to January 2012 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 January decreased to $1,238,000 from $1,425,000 in December. Price per square foot for Palos Verdes houses that sold/closed escrow in January decreased to $471 from $488 in December. Average days on market in January rose to 86 days from 78 days in December for properties sold that month. Months of inventory (months it would take to sell existing inventory at the current rate of sale) increased slightly to 2.1 months for January Palos Verdes homes for sale compared to 1.8 months in December. 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 100 single family Palos Verdes homes for sale. 102 Palos Verdes houses are in escrow (40 homes have pending sales and 62 homes are accepting backup offers). Additionally, 18 homes have sold/closed escrow in the first 11 days of February.
Chart courtesy of Trendgraphix, Inc.
