Palos Verdes real estate statistics for January 2014 show a slight decrease in sales compared to December. 43 Palos Verdes houses sold in January which decreased from the 46 homes sold in December and the 48 homes that sold in January 2013. There were 37 Palos Verdes single family homes pending in January compared to 38 in December. The number of active Palos Verdes homes for sale in January increased to 122 homes from the 94 homes in December.
Average sales price for Palos Verdes homes sold in January increased significantly to $1,804,000 from $1,591,000 in December and from the $1,238,000 in January 2013. Price per square foot for Palos Verdes houses that sold/closed escrow in January increased to $553 from $542 in December. Average days on market in January was 109 days which is a slight increase from 101 days in December. Months of inventory (months it would take to sell existing inventory at the current rate of sale) increased to 2.8 months in January for Palos Verdes homes for sale compared to 2 months in December. A “normal” market is considered 6 months of inventory and Palos Verdes real estate “months of inventory” has been below 3.1 months for the last 18 months, indicating strong demand for Palos Verdes homes. Entire charts can be accessed by clicking here or on the “Statistics” tab above.
Currently, there are 124 single family Palos Verdes homes for sale. 70 Palos Verdes houses are in escrow (30 homes have pending sales and 40 homes are accepting backup offers). Additionally, 5 homes have sold/closed escrow in the first 10 days of February – an unusually slow start!
Chart courtesy of Trendgraphix, Inc.
