Palos Verdes real estate sales July 2020 for Palos Verdes homes increased compared to June. 71 Palos Verdes houses sold in July compared to the 54 homes sold in June and decreased compared to the 77 homes that sold in July 2019. There were 85 Palos Verdes single family homes pending in July which increased from the 68 homes pending in June. The number of active Palos Verdes homes for sale in July (138) decreased from the 154 homes for sale in June.
Average sales price for Palos Verdes homes sold in July increased to $2,248,000 compared to $1,748,000 in June, and increased from the $1,909,000 in July 2019. Price per square foot for Palos Verdes houses that sold/closed escrow in July increased to $733 from $653 in June. Average days on market in July was 35 days which decreased from the 53 days in June. Months of inventory (months it would take to sell existing inventory at the current rate of sale) decreased to 1.9 months in July for Palos Verdes homes for sale compared to 2.9 months in June. A “normal” or balanced market is considered 3 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. 102 Palos Verdes houses are in escrow (56 homes have pending sales and 46 homes are active under contract). Additionally, 22 homes have sold/closed escrow in the first 10 days of August with an average sales price of $1,724,798.
To read June’s report on Palos Verdes Real Estate sales, click here.
Chart courtesy of Trendgraphix, Inc.