Palos Verdes real estate statistics for May 2013 show strong activity both in number of Palos Verdes homes sold and another bump in average sales price for Palos Verdes houses. 62 Palos Verdes houses sold in May which is just about the same as the 63 homes that sold in April and an increase from the 56 homes that sold in May 2012. There were 75 Palos Verdes single family homes pending in May compared to 71 in April. The number of active Palos Verdes homes for sale in May was just about the same as April – 136 compared to 139.
Average sales price for Palos Verdes homes sold in May increased again to $1,464,000 from $1,397,000 in April. Price per square foot for Palos Verdes houses that sold/closed escrow in May increased slightly to $519 from $513 in April. Average days on market in May fell dramatically t0 55 days from 89 days in April indicating brisk sales (many with multiple offers). Months of inventory (months it would take to sell existing inventory at the current rate of sale) was 2.2 months in May for Palos Verdes homes for sale – exactly the same as the month of April. A “normal” market is considered 6 months of inventory and Palos Verdes real estate “months of inventory” has substantially less than that for the last fifteen months, indicating strong Palos Verdes home values. Entire charts can be accessed by clicking here or on the “Statistics” tab above.
Currently, there are 150 single family Palos Verdes homes for sale. 121 Palos Verdes houses are in escrow (63 homes have pending sales and 58 homes are accepting backup offers). Additionally, 12 homes have sold/closed escrow in the first 11 days of June.
Chart courtesy of Trendgraphix, Inc.
