Palos Verdes Real Estate Sales January 2016 For Palos Verdes Homes
Palos Verdes real estate sales January 2016 for Palos Verdes homes decreased significantly compared to December! 31 Palos Verdes houses sold in January which decreased from the 59 homes sold in December and the 35 homes that sold in January 2015. There were 44 Palos Verdes single family homes pending in January which increased from the 33 homes pending in December. The number of active Palos Verdes homes for sale in January increased to 149 homes from the 145 homes for sale in December.
Average sales price for Palos Verdes homes sold in January decreased to $1,509,000 from $1,546,000 in December and from the $1,941,000 in January 2015. Price per square foot for Palos Verdes houses that sold/closed escrow in January increased to $603 from $600 in December. Average days on market in January increased to 71 days from the 55 days in December. Months of inventory (months it would take to sell existing inventory at the current rate of sale) increased to 4.8 months in January for Palos Verdes homes for sale compared to 2.5 months in December. A “normal” market is considered 6 months of inventory and Palos Verdes real estate “months of inventory” is still 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 158 single family Palos Verdes homes for sale. 74 Palos Verdes houses are in escrow (30 homes have pending sales and 44 homes are accepting backup offers). Additionally, 17 homes have sold/closed escrow in the first 11 days of February at an average sales price of $1,721,294.
To read last month’s report on Palos Verdes Real Estate sales, click here.
Chart courtesy of Trendgraphix, Inc.
