Palos Verdes real estate sales May 2019 for Palos Verdes homes increased compared to March. 63 Palos Verdes houses sold in May compared to the 48 homes sold in April and was exactly the same as the the 63 homes that sold in May 2018. There were 81 Palos Verdes single family homes pending in May which increased from the 68 homes pending in April. The number of active Palos Verdes homes for sale in May (241) increased from the 227 homes for sale in April.
Average sales price for Palos Verdes homes sold in May increased to $1,930,000 from $1,888,000 in April and increased from the $1,924,000 in May 2018. Price per square foot for Palos Verdes houses that sold/closed escrow in May decreased to $655 from April ($669). Average days on market in May decreased to 42 days from 61 days in April. Months of inventory (months it would take to sell existing inventory at the current rate of sale) decreased to 3.8 months in May for Palos Verdes homes for sale compared to 4.7 months in April. 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 253 single family Palos Verdes homes for sale. 108 Palos Verdes houses are in escrow (51 homes have pending sales and 57 homes are under contract). Additionally, 6 homes have sold/closed escrow in the first 6 days of June.
To read last month’s report on Palos Verdes Real Estate sales, click here.
Chart courtesy of Trendgraphix, Inc.