Palos Verdes Real Estate Sales February 2016 For Palos Verdes Homes
Palos Verdes real estate sales February 2016 for Palos Verdes homes increased compared to January. 41 Palos Verdes houses sold in February which increased from the 31 homes sold in January and the 40 homes that sold in February 2015. There were 72 Palos Verdes single family homes pending in February which increased significantly from the 45 homes pending in January. The number of active Palos Verdes homes for sale in February decreased to 145 homes from the 149 homes for sale in January.
Average sales price for Palos Verdes homes sold in February increased to $1,801,000 from $1,509,000 in January and from the $1,759,000 in February 2015. Price per square foot for Palos Verdes houses that sold/closed escrow in February increased to $642 from $603 in January. Average days on market in February increased to 89 days from the 71 days in January. Months of inventory (months it would take to sell existing inventory at the current rate of sale) decreased to 3.5 months in February for Palos Verdes homes for sale compared to 4.8 months in January. 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 143 single family Palos Verdes homes for sale. 111 Palos Verdes houses are in escrow (44 homes have pending sales and 67 homes are accepting backup offers). Additionally, 16 homes have sold/closed escrow in the first 10 days of March at an average sales price of $1,993,972.
To read last month’s report on Palos Verdes Real Estate sales, click here.
Chart courtesy of Trendgraphix, Inc.
