Palos Verdes Real Estate Sales February 2017 For Palos Verdes Homes

Palos Verdes real estate sales February 2017 for Palos Verdes homes decreased slightly compared to January.  37 Palos Verdes houses sold in February which is a decrease from the 39 homes sold in January and a decrease from the the 42 homes that sold in February 2016.  There were 60 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 (147) was an increase from the 131 homes for sale in January.

Average sales price for Palos Verdes homes sold in February decreased slightly to $1,806,000 from $1,816,000 in January and increased from the $1,784,000 in February 2016.  Price per square foot for Palos Verdes houses that sold/closed escrow in February increased to $663 from $598 in January.  Average days on market in February decreased to 63 days from the 78 days in January.  Months of inventory (months it would take to sell existing inventory at the current rate of sale) increased to 4 months in February for Palos Verdes homes for sale compared to 3.4 months in January.  A “normal” market is considered 6 months of inventory and Palos Verdes real estate “months of inventory” is still 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 148 single family Palos Verdes homes for sale.  89 Palos Verdes houses are in escrow (47 homes have pending sales and 42 homes are under contract).  Additionally, 11 homes have sold/closed escrow in the first 9 days of March.

To read last month’s report on Palos Verdes Real Estate sales, click here.

Chart courtesy of Trendgraphix, Inc.