Palos Verdes real estate statistics for March 2013 are exciting! 68 Palos Verdes houses sold in March which is an increase from the 51 homes that sold last March 2012 and an increase from the 45 homes that sold in February. There were 76 Palos Verdes single family homes pending in March compared to 56 in February. The number of active Palos Verdes homes for sale in March is exactly the same as February – 106 homes. Our inventory of homes for sale has been very low for the last four months. As you can see by the chart above, in March we had 41% less active Palos Verdes homes for sale compared to March 2012 yet the number of sales are up.
Average sales price for Palos Verdes homes sold in March increased slightly to $1,370,000 from $1,357,000 in February. Price per square foot for Palos Verdes houses that sold/closed escrow in March increased to $486 from $458 in February. Average days on market in March fell to 87 days from 124 days in February for properties sold that month. Months of inventory (months it would take to sell existing inventory at the current rate of sale) decreased to 1.6 months in March for Palos Verdes homes for sale compared to 2.4 months in February. 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 115 single family Palos Verdes homes for sale. 117 Palos Verdes houses are in escrow (53 homes have pending sales and 64 homes are accepting backup offers). Additionally, 19 homes have sold/closed escrow in the first 11 days of April.
Chart courtesy of Trendgraphix, Inc.
