Palos Verdes Real Estate Sales May 2016 For Palos Verdes Homes
Palos Verdes real estate sales May 2016 for Palos Verdes homes increased compared to April. 75 Palos Verdes houses sold in May which increased from the 65 homes sold in April and increased from the the 62 homes that sold in May 2015. There were 91 Palos Verdes single family homes pending in May which increased from the 80 homes pending in April. The number of active Palos Verdes homes for sale in May (198) increased from the 175 homes for sale in April.
Average sales price for Palos Verdes homes sold in May increased to $1,673,000 from $1,547,000 in April and from the $1,581,000 in May 2015. Price per square foot for Palos Verdes houses that sold/closed escrow in May increased to $591 from $572 in April. Average days on market in May decreased to 60 days from the 64 days in April. Months of inventory (months it would take to sell existing inventory at the current rate of sale) decreased to 2.6 months in May for Palos Verdes homes for sale compared to 2.7 months in April. 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 212 single family Palos Verdes homes for sale. 124 Palos Verdes houses are in escrow (71 homes have pending sales and 53 homes are accepting backup offers). Additionally, 21 homes have sold/closed escrow in the first 9 days of June at an average sales price of $1,801,398.
To read last month’s report on Palos Verdes Real Estate sales, click here.
Chart courtesy of Trendgraphix, Inc.
