Palos Verdes real estate statistics for February 2014 show a decrease in sales compared to January. 31 Palos Verdes houses sold in February which decreased from the 43 homes sold in January and the 44 homes that sold in February 2013. There were 40 Palos Verdes single family homes pending in February compared to 38 in January. The number of active Palos Verdes homes for sale in February increased slightly to 126 homes from 122 homes in January.
Average sales price for Palos Verdes homes sold in February decreased significantly to $1,310,000 from $1,804,000 in January (when 9 homes sold over $2,000,000 & 4 of those sold $5,000,000 and over) and from the $1,366,000 in February 2013. Price per square foot for Palos Verdes houses that sold/closed escrow in February decreased to $506 from $553 in January. Average days on market in February was 81 days which is a significant decrease from 109 days in January. Months of inventory (months it would take to sell existing inventory at the current rate of sale) increased to 4.1 months in February for Palos Verdes homes for sale compared to 2.8 months in January. A “normal” market is considered 6 months of inventory. Palos Verdes real estate “months of inventory” has not been above 4 months since February 2012, however we are well below that 6 month figure indicating the continuing high demand for Palos Verdes homes. Entire charts can be accessed by clicking here or on the “Statistics” tab above.
Currently, there are 134 single family Palos Verdes homes for sale. 80 Palos Verdes houses are in escrow (40 homes have pending sales and 40 homes are accepting backup offers). Additionally, 11 homes have sold/closed escrow in the first 10 days of March with an average sales price of $1,782,545.
Chart courtesy of Trendgraphix, Inc.