Palos Verdes Homes Sales May 2022
Palos Verdes real estate sales May 2022 for Palos Verdes homes decreased compared to April. 63 Palos Verdes houses sold in May compared to 64 homes in April and decreased compared to the 75 homes that sold in May 2021. There were 65 Palos Verdes single family homes pending in May which decreased from the 70 homes pending in April. The number of active Palos Verdes homes for sale in May (69) increased from the 65 homes for sale in April.
Average sales price for Palos Verdes homes sold in May decreased to $2,501,000 compared to $2,560,000 in April, and increased from the $2,282,000 in May 2021. Price per square foot for Palos Verdes houses that sold/closed escrow in May decreased to $928 from $960 in April. Average days on market in May was 9 days which decreased from 16 days in April. Months of inventory (months it would take to sell existing inventory at the current rate of sale) was 1.1 months in May which increased from 1 month in April 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 75 single family Palos Verdes homes for sale. 73 Palos Verdes houses are in escrow (47 homes have pending sales and 26 homes are active under contract). Additionally, 22 homes have sold/closed escrow in the first 10 days of June with an average sales price of $3,770,406.
To read my April report on Palos Verdes Real Estate sales, click here.
Chart courtesy of Trendgraphix, Inc.