Palos Verdes real estate statistics for February 2013 show the market’s strength. 44 Palos Verdes houses sold in February which is an increase from the 38 homes that sold last February and a slight decrease from the 48 homes that sold in January. There were 58 Palos Verdes single family homes pending in February compared to 63 in January. The number of active Palos Verdes homes for sale in February increased to 106 homes compared to 99 homes in January. Our inventory of homes for sale has been very low for the last three months. As you can see by the chart above, in February we had 41% less active Palos Verdes homes for sale compared to February 2012 yet the number of sales are up.
Average sales price for Palos Verdes homes sold in February increased to $1,369,000 from $1,238,000 in January. Price per square foot for Palos Verdes houses that sold/closed escrow in February decreased to $461 from $471 in January. Average days on market in February rose to 113 days from 86 days in January 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 2.4 months for February Palos Verdes homes for sale compared to 2.1 months in January. 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. 102 Palos Verdes houses are in escrow (45 homes have pending sales and 57 homes are accepting backup offers). Additionally, 22 homes have sold/closed escrow in the first 8 days of March!
Chart courtesy of Trendgraphix, Inc.
