Palos Verdes real estate sales February 2023 for Palos Verdes homes increased compared to January. 29 Palos Verdes houses sold in February compared to 24 homes in January and decreased compared to the 52 homes that sold in February 2022. There were 40 Palos Verdes single family homes pending in February which increased from the 34 homes pending in January. The number of active Palos Verdes homes for sale in February (63) decreased from the 66 homes for sale in January.
Average sales price for Palos Verdes homes sold in February increased to $2,372,000 compared to $2,301,000 in January and decreased from the $2,913,000 in February 2022. Price per square foot for Palos Verdes houses that sold/closed escrow in February decreased to $817 from $881 in January. Average days on market in February was 51 days which increased from 45 days in January. Months of inventory (months it would take to sell existing inventory at the current rate of sale) was 2.2 months in February which decreased from 2.8 months in January for Palos Verdes homes for sale. A “normal” or balanced market is considered 3 months of inventory. Entire charts can be accessed by clicking here or on the “Statistics” tab above.
Currently, there are 62 single family Palos Verdes homes for sale. 55 Palos Verdes houses are in escrow (29 homes have pending sales and 29 homes are active under contract). Additionally, 12 homes have sold/closed escrow in the first 8 days of March with an average sales price of $2,488,517.
To read my January report on Palos Verdes Real Estate sales, click here.
Chart courtesy of Trendgraphix, Inc.