Palos Verdes real estate sales February 2020 for Palos Verdes homes decreased compared to January. 37 Palos Verdes houses sold in February compared to the 40 homes sold in January and decreased slightly compared to the 38 homes that sold in February 2019. There were 66 Palos Verdes single family homes pending in February which increased from the 43 homes pending in January. The number of active Palos Verdes homes for sale in February (140) decreased slightly from the 141 homes for sale in January.
Average sales price for Palos Verdes homes sold in February increased to $1,755,000 compared to $1,723,000 in January, and decreased from the $2,014,000 in February 2019. Price per square foot for Palos Verdes houses that sold/closed escrow in February increased to $633 from January ($607). Average days on market in February decreased to 51 days from 61 days in January. Months of inventory (months it would take to sell existing inventory at the current rate of sale) increased to 3.8 months in February for Palos Verdes homes for sale compared to 3.5 months in January. A “normal” market is considered 6 months of inventory and Palos Verdes real estate “months of inventory” is lower indicating the continuing demand for Palos Verdes homes. Entire charts can be accessed by clicking here or on the “Statistics” tab above.
Currently, there are 139 single family Palos Verdes homes for sale. 100 Palos Verdes houses are in escrow (45 homes have pending sales and 55 homes are active under contract). Additionally, 23 homes have sold/closed escrow in the first 12 days of March.
To read January’s report on Palos Verdes Real Estate sales, click here.
Chart courtesy of Trendgraphix, Inc.