Palos Verdes real estate sales September 2020 for Palos Verdes homes increased compared to August. 79 Palos Verdes houses sold in September compared to the 75 homes sold in August and increased compared to the 54 homes that sold in September 2019. There were 87 Palos Verdes single family homes pending in September which increased from the 80homes pending in August. The number of active Palos Verdes homes for sale in September (119) decreased from the 127 homes for sale in August.
Average sales price for Palos Verdes homes sold in September increased to $2,388,000 compared to $2,024,000 in August, and increased from the $1,660,000 in September 2019. Price per square foot for Palos Verdes houses that sold/closed escrow in September increased to $751 from $691 in August. Average days on market in September was 32 days which decreased from the 49 days in August. Months of inventory (months it would take to sell existing inventory at the current rate of sale) decreased to 1.5 months in September for Palos Verdes homes for sale compared to 1.7 months in August. It has not been this low in recent memory! 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 120 single family Palos Verdes homes for sale. 116 Palos Verdes houses are in escrow (72 homes have pending sales and 44 homes are active under contract). Additionally, 15 homes have sold/closed escrow in the first 9 days of October with an average sales price of $2,561,559.
To read my August report on Palos Verdes Real Estate sales, click here.
Chart courtesy of Trendgraphix, Inc.