Palos Verdes real estate sales July 2021 for Palos Verdes homes increased compared to June. 84 Palos Verdes houses sold in July compared to 83 homes in June and increased compared to the 73 homes that sold in July 2020. There were 92 Palos Verdes single family homes pending in July which was exactly the same as the 92 homes pending in June. The number of active Palos Verdes homes for sale in July (86) decreased from the 89 homes for sale in June.
Average sales price for Palos Verdes homes sold in July decreased to $2,482,000 compared to $3,043,000 in June, and increased from the $2,230,000 in July 2020. Price per square foot for Palos Verdes houses that sold/closed escrow in July decreased to $828 from $896 in June. Average days on market in July was 21 days which decreased from the 30 days in June. Months of inventory (months it would take to sell existing inventory at the current rate of sale) decreased to 1 month in July compared to 1.1 months in May for Palos Verdes homes for sale. 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. 105 Palos Verdes houses are in escrow (51 homes have pending sales and 54 homes are active under contract). Additionally, 18 homes have sold/closed escrow in the first 6 days of August with an average sales price of $2,301,378.
To read my June report on Palos Verdes Real Estate sales, click here.
Chart courtesy of Trendgraphix, Inc.