Palos Verdes Real Estate Sales January 2019 For Palos Verdes Homes
Palos Verdes real estate sales January 2019 for Palos Verdes homes decreased compared to December. 18 Palos Verdes houses sold in January compared to the 43 homes sold in December and decreased compared to the 42 homes that sold in January 2018. There were 60 Palos Verdes single family homes pending in January which increased from the 26 homes pending in December. We haven’t seen only 18 sales in a very long time. I am not sure if it was perceived political uncertainties (government shutdown). The 60 pending January sales is the highest in more than 6 months and bodes well for closed sales in February. The number of active Palos Verdes homes for sale in January (147) decreased from the 155 homes for sale in December.
Average sales price for Palos Verdes homes sold in January increased to $3,037,000 from $1,900,000 in December and increased from the $1,738,000 in January 2018. One of the 18 sales in January was a $14,100,000 home which is part of the higher average sales price. Price per square foot for Palos Verdes houses that sold/closed escrow in January increased to $822 from December ($611). Average days on market in January increased to 70 days from 66 days in December. Months of inventory (months it would take to sell existing inventory at the current rate of sale) increased to 8.2 months in January for Palos Verdes homes for sale compared to 3.6 months in December. A “normal” market is considered 6 months of inventory and Palos Verdes real estate “months of inventory” is higher because of the low number of homes sold in January. Entire charts can be accessed by clicking here or on the “Statistics” tab above.
Currently, there are 159 single family Palos Verdes homes for sale. 63 Palos Verdes houses are in escrow (35 homes have pending sales and 28 homes are under contract). Additionally, 9 homes have sold/closed escrow in the first 7 days of February with an average sales price of $1,750,013.
To read last month’s report on Palos Verdes Real Estate sales, click here.
Chart courtesy of Trendgraphix, Inc.
