Palos Verdes real estate sales March 2019 for Palos Verdes homes increased compared to February. 57 Palos Verdes houses sold in March compared to the 38 homes sold in February and decreased compared to the 60 homes that sold in March 2018. There were 67 Palos Verdes single family homes pending in March which increased from the 53 homes pending in February. The number of active Palos Verdes homes for sale in March (179) increased from the 164 homes for sale in February.
Average sales price for Palos Verdes homes sold in March decreased to $1,718,000 from $2,014,000 in February and decreased from the $1,782,000 in March 2018. Price per square foot for Palos Verdes houses that sold/closed escrow in March decreased to $648 from February ($710). Average days on market in March increased to 74 days from 67 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 4.3 months in February. A “normal” market is considered 6 months of inventory and Palos Verdes real estate “months of inventory” is lower indicating the higher demand for Palos Verdes homes. Entire charts can be accessed by clicking here or on the “Statistics” tab above.
Currently, there are 195 single family Palos Verdes homes for sale. 84 Palos Verdes houses are in escrow (45 homes have pending sales and 39 homes are under contract). Additionally, 10 homes have sold/closed escrow in the first 10 days of April.
To read last month’s report on Palos Verdes Real Estate sales, click here.
Chart courtesy of Trendgraphix, Inc.