Palos Verdes Real Estate Sales May 2014 For Palos Verdes Homes
Palos Verdes real estate sales for May 2014 for Palos Verdes homes indicates an increase in sales compared to April. 60 Palos Verdes houses sold in May which increased from the 50 homes sold in April and was similar to the 62 homes that sold in May 2013. There were 66 Palos Verdes single family homes pending in May which increased from the 56 homes pending in April. The number of active Palos Verdes homes for sale in May increased to 174 homes from 156 homes in April.
Average sales price for Palos Verdes homes sold in May increased significantly to $1,700,000 from $1,463,000 in April and from $1,464,000 in May 2013. Price per square foot for Palos Verdes houses that sold/closed escrow in May decreased slightly to $545 from $551 in April. Average days on market in May was 52 days which is a slight increase from 49 days in April. Months of inventory (months it would take to sell existing inventory at the current rate of sale) decreased slightly to 2.9 months in May for Palos Verdes homes for sale compared to 3.1 months in April. A “normal” market is considered 6 months of inventory and Palos Verdes real estate “months of inventory” is half of that 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 192 single family Palos Verdes homes for sale. 102 Palos Verdes houses are in escrow (47 homes have pending sales and 55 homes are accepting backup offers). Additionally, 10 homes have sold/closed escrow in the first 12 days of June.
To read last month’s report on Palos Verdes Real Estate sales, click here.
Chart courtesy of Trendgraphix, Inc.
