Palos Verdes Homes Sales May 2021
Palos Verdes real estate sales May 2021 for Palos Verdes homes decreased compared to April. 75 Palos Verdes houses sold in May compared to 86 homes in April and increased compared to the 31 homes that sold in May 2020. There were 88 Palos Verdes single family homes pending in May which increased from the 70 homes pending in April. The number of active Palos Verdes homes for sale in May (80) decreased from the 84 homes for sale in April.
Average sales price for Palos Verdes homes sold in May decreased to $2,282,000 compared to $2,378,000 in April, and increased from the $1,789,000 in May 2020. Price per square foot for Palos Verdes houses that sold/closed escrow in May increased to $821 from $777 in April. Average days on market in May was 14 days which decreased from the 23 days in April. Months of inventory (months it would take to sell existing inventory at the current rate of sale) increased to 1.1 months in May for Palos Verdes homes for sale compared to 1 month in April. 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 91 single family Palos Verdes homes for sale. 110 Palos Verdes houses are in escrow (72 homes have pending sales and 38 homes are active under contract). Additionally, 12 homes have sold/closed escrow in the first 7 days of May at an average sales price of $3,707,500.
To read my April report on Palos Verdes Real Estate sales, click here.
Chart courtesy of Trendgraphix, Inc.
