Palos Verdes real estate sales March 2020 for Palos Verdes homes increased compared to February. 47 Palos Verdes houses sold in March compared to the 37 homes sold in February and decreased compared to the 57 homes that sold in March 2019. There were 67 Palos Verdes single family homes pending in March which increased from the 56 homes pending in February. The number of active Palos Verdes homes for sale in March (140) was exactly the same as the 140 homes for sale in February.
Average sales price for Palos Verdes homes sold in March increased to $1,994,000 compared to $1,755,000 in February, and decreased from the $1,718,000 in March 2019. Price per square foot for Palos Verdes houses that sold/closed escrow in March increased to $664 from February ($633). Average days on market in March was 51 days which was exactly the same as 51 days in February. Months of inventory (months it would take to sell existing inventory at the current rate of sale) decreased to 3 months in March for Palos Verdes homes for sale compared to 3.8 months in February. 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 141 single family Palos Verdes homes for sale. 59 Palos Verdes houses are in escrow (29 homes have pending sales and 30 homes are active under contract). Additionally, 18 homes have sold/closed escrow in the first 10 days of April with an average sales price of $1,921,919.
To read February’s report on Palos Verdes Real Estate sales, click here.
Chart courtesy of Trendgraphix, Inc.