Palos Verdes real estate sales October 2020 for Palos Verdes homes increased compared to September. 81 Palos Verdes houses sold in October compared to the 79 homes sold in September and increased compared to the 50 homes that sold in October 2019. There were 74 Palos Verdes single family homes pending in October which decreased from the 80 homes pending in September. The number of active Palos Verdes homes for sale in October (115) decreased from the 119 homes for sale in September.
Average sales price for Palos Verdes homes sold in October decreased to $2,049,000 compared to $2,388,000 in September, and increased from the $1,663,000 in October 2019. Price per square foot for Palos Verdes houses that sold/closed escrow in October decreased to $691 from $751 in September. Average days on market in October was 43 days which increased from the 32 days in September. Months of inventory (months it would take to sell existing inventory at the current rate of sale) decreased to 1.4 months in October for Palos Verdes homes for sale compared to 1.5 months in September. 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 115 single family Palos Verdes homes for sale. 95 Palos Verdes houses are in escrow (48 homes have pending sales and 47 homes are active under contract). Additionally, 28 homes have sold/closed escrow in the first 13 days of November with an average sales price of $1,902,392.
To read my September report on Palos Verdes Real Estate sales, click here.
Chart courtesy of Trendgraphix, Inc.