Palos Verdes Real Estate Sales May 2015 for Palos Verdes Homes
Palos Verdes real estate sales for May 2015 for Palos Verdes homes indicates an decrease in sales compared to April. 61 Palos Verdes houses sold in May which decreased from the 66 homes sold in April and is just about the same as the 60 homes that sold in May 2014. There were 88 Palos Verdes single family homes pending in May which is a significant increase from the 73 homes pending in April. The number of active Palos Verdes homes for sale in May increased to 172 homes from the 157 homes for sale in April.
Average sales price for Palos Verdes homes sold in May decreased to $1,550,000 from $1,785,000 in April and from the $1,700,000 in May 2014. Price per square foot for Palos Verdes houses that sold/closed escrow in May increased to $602 from $597 in April. Average days on market in May was 67 days which decreased from the 74 days in April. Months of inventory (months it would take to sell existing inventory at the current rate of sale) increased to 2.8 months in May for Palos Verdes homes for sale compared to 2.4 months in April. 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 180 single family Palos Verdes homes for sale. 137 Palos Verdes houses are in escrow (69 homes have pending sales and 68 homes are accepting backup offers). Additionally, 24 homes have sold/closed escrow in the first 11 days of June at an average sales price of $2,292,938.
To read last month’s report on Palos Verdes Real Estate sales, click here.
Chart courtesy of Trendgraphix, Inc.
