Palos Verdes real estate statistics for August 2013 show lower inventory of homes for sale and increased number of Palos Verdes homes sold compared to last year. 67 Palos Verdes houses sold in August which is a decrease from the 72 homes that sold in July and an increase from the 60 homes that sold in August 2012. There were 78 Palos Verdes single family homes pending in August compared to 68 in July. The number of active Palos Verdes homes for sale in August was nearly the same as July – 147 in August and 148 in July.
Price per square foot for Palos Verdes houses that sold/closed escrow in August was $517, a decrease from $527 in July. Average sales price for Palos Verdes homes sold in August increased slightly to $1,466,000 from $1,461,000 in July. Average days on market in August decreased t0 54 days from 56 days in July. Months of inventory (months it would take to sell existing inventory at the current rate of sale) was about the same – 2.2 months in August for Palos Verdes homes for sale and 2.1 months in July. A “normal” market is considered 6 months of inventory and Palos Verdes real estate “months of inventory” has been below 3 months for the last year, indicating strong Palos Verdes home values. Entire charts can be accessed by clicking here or on the “Statistics” tab above.
Currently, there are 158 single family Palos Verdes homes for sale. 104 Palos Verdes houses are in escrow (51 homes have pending sales and 53 homes are accepting backup offers). Additionally, 17 homes have sold/closed escrow in the first 9 days of August.
Chart courtesy of Trendgraphix, Inc.
