Palos Verdes Real Estate Sales July 2016 For Palos Verdes Homes
Palos Verdes real estate sales July 2016 for Palos Verdes homes decreased compared to June. 68 Palos Verdes houses sold in July which decreased from the 82 homes sold in June and decreased from the the 72 homes that sold in July 2015. There were 71 Palos Verdes single family homes pending in July which increased from the 60 homes pending in June. The number of active Palos Verdes homes for sale in July (239) decreased from the 242 homes for sale in June.
Average sales price for Palos Verdes homes sold in July decreased to $1,688,000 from $1,793,000 in June and from the $1,845,000 in July 2015. Price per square foot for Palos Verdes houses that sold/closed escrow in July decreased to $598 from $644 in June. Average days on market in July increased to 66 days from the 64 days in June. Months of inventory (months it would take to sell existing inventory at the current rate of sale) increased to 3.5 months in July for Palos Verdes homes for sale compared to 3 months in June. 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 232 single family Palos Verdes homes for sale. 92 Palos Verdes houses are in escrow (47 homes have pending sales and 45 homes are accepting backup offers). Additionally, 25 homes have sold/closed escrow in the first 10 days of August at an average sales price of $1,963,067.
To read last month’s report on Palos Verdes Real Estate sales, click here.
Chart courtesy of Trendgraphix, Inc.
