Palos Verdes Real Estate Sales August 2014 For Palos Verdes Homes
Palos Verdes real estate sales for August 2014 for Palos Verdes homes indicates a significant decrease in sales compared to July. 67 Palos Verdes houses sold in August which decreased from the 87 homes sold in July and is just about the same as the 66 homes that sold in August 2013. There were 70 Palos Verdes single family homes pending in August which increased from the 57 homes pending in July. The number of active Palos Verdes homes for sale in August decreased to 2181 homes from 231 homes in July. This is the first decrease in inventory of homes for sale since December of last year.
Average sales price for Palos Verdes homes sold in August increased to $1,649,000 from $1,550,000 in July and was up from the $1,477,000 in August 2013. Price per square foot for Palos Verdes houses that sold/closed escrow in August increased to $607 from $553 in July. Average days on market in August was 53 days which decreased from 69 days in July. Months of inventory (months it would take to sell existing inventory at the current rate of sale) increased to 3.3 months in August for Palos Verdes homes for sale compared to 2.7 months in July. 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 221 single family Palos Verdes homes for sale. 89 Palos Verdes houses are in escrow (43 homes have pending sales and 46 homes are accepting backup offers). Additionally, 16 homes have sold/closed escrow in the first 11 days of August at an average sales price of $1,780,250.
To read last month’s report on Palos Verdes Real Estate sales, click here.
Chart courtesy of Trendgraphix, Inc.
