Palos Verdes real estate sales May 2020 for Palos Verdes homes decreased compared to April. 31 Palos Verdes houses sold in May compared to the 40 homes sold in April and decreased compared to the 65 homes that sold in May 2019. There were 57 Palos Verdes single family homes pending in May which decreased from the 79 homes pending in April. The number of active Palos Verdes homes for sale in May (132) decreased from the 141 homes for sale in April.
Average sales price for Palos Verdes homes sold in May decreased to $1,789,000 compared to $1,993,000 in April, and decreased from the $1,908,000 in May 2019. Price per square foot for Palos Verdes houses that sold/closed escrow in May is exactly the same ($606) as April. Average days on market in May was 63 days which increased from the 37 days in April. Months of inventory (months it would take to sell existing inventory at the current rate of sale) increased to 4.3 months in May for Palos Verdes homes for sale compared to 2.8 months in April. 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 131 single family Palos Verdes homes for sale. 79 Palos Verdes houses are in escrow (32 homes have pending sales and 47 homes are active under contract). Additionally, 15 homes have sold/closed escrow in the first 8 days of May with an average sales price of $1,941,667.
To read April’s report on Palos Verdes Real Estate sales, click here.
Chart courtesy of Trendgraphix, Inc.