Palos Verdes real estate sales January 2021 for Palos Verdes homes decreased compared to December. 54 Palos Verdes houses sold in January compared to the 78 homes sold in December and increased compared to the 41 homes that sold in January 2020. There were 58 Palos Verdes single family homes pending in January which increased from the 55 homes pending in December. The number of active Palos Verdes homes for sale in January (72) decreased from the 82 homes for sale in December.
Average sales price for Palos Verdes homes sold in January increased to $2.032,000 compared to $1,997,000 in December, and increased from the $1,713,000 in January 2020. Price per square foot for Palos Verdes houses that sold/closed escrow in January decreased to $697 from $724 in December. Average days on market in January was 39 days which increased from the 26 days in December. Months of inventory (months it would take to sell existing inventory at the current rate of sale) increased to 1.3 months in January for Palos Verdes homes for sale compared to 1.1 months in December. A “normal” or balanced market is considered 3 months of inventory and Palos Verdes real estate “months of inventory” is considerably 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 86 single family Palos Verdes homes for sale. 69 Palos Verdes houses are in escrow (42) homes have pending sales and 27 homes are active under contract). Additionally, 16 homes have sold/closed escrow in the first 8 days of January at an average sales price of $3,176,906.
To read my December report on Palos Verdes Real Estate sales, click here.
Chart courtesy of Trendgraphix, Inc.