Palos Verdes Real Estate Sales June 2014 For Palos Verdes Homes
Palos Verdes real estate sales for June 2014 for Palos Verdes homes indicates a decrease in sales compared to May. 54 Palos Verdes houses sold in June which decreased from the 60 homes sold in May and was down from the 68 homes that sold in June 2013. There were 87 Palos Verdes single family homes pending in June which is a significant increase from the 67 homes pending in May. The number of active Palos Verdes homes for sale in June increased to 201 homes from 174 homes in May. Inventory of homes for sale has been increasing since December of last year.
Average sales price for Palos Verdes homes sold in June is nearly the same as May – $1,692,000 compared to $1,700,000 and up significantly from $1,468,000 in June 2013. Price per square foot for Palos Verdes houses that sold/closed escrow in June was also nearly the same as May – $543 compared to $545. Average days on market in June was 91 days which is a significant increase from 52 days in May. Months of inventory (months it would take to sell existing inventory at the current rate of sale) also increased to 3.7 months in June for Palos Verdes homes for sale compared to 2.9 months in May. A “normal” market is considered 6 months of inventory and Palos Verdes real estate “months of inventory” is significantly lower 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 206 single family Palos Verdes homes for sale. 112 Palos Verdes houses are in escrow (55 homes have pending sales and 57 homes are accepting backup offers). Additionally, 23 homes have sold/closed escrow in the first 10 days of July which is a great start for the month!
To read last month’s report on Palos Verdes Real Estate sales, click here.
Chart courtesy of Trendgraphix, Inc.
