Palos Verdes Real Estate Sales March 2016 For Palos Verdes Homes
Palos Verdes real estate sales March 2016 for Palos Verdes homes increased compared to February. 57 Palos Verdes houses sold in March which increased from the 42 homes sold in February and was just about the same as the 58 homes that sold in March 2015. There were 75 Palos Verdes single family homes pending in March which increased from the 63 homes pending in February. The number of active Palos Verdes homes for sale in March rose to 175 homes from the 145 homes for sale in February.
Average sales price for Palos Verdes homes sold in March increased to $1,790,000 from $1,784,000 in February and from the $1,503,000 in March 2015. Price per square foot for Palos Verdes houses that sold/closed escrow in March decreased to $614 from $642 in February. Average days on market in March decreased to 76 days from the 89 days in February. Months of inventory (months it would take to sell existing inventory at the current rate of sale) decreased to 3.1 months in March for Palos Verdes homes for sale compared to 3.6 months in February. 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 179 single family Palos Verdes homes for sale. 120 Palos Verdes houses are in escrow (59 homes have pending sales and 61 homes are accepting backup offers). Additionally, 20 homes have sold/closed escrow in the first 11 days of April.
To read last month’s report on Palos Verdes Real Estate sales, click here.
Chart courtesy of Trendgraphix, Inc.
