Palos Verdes real estate sales May 2023 for Palos Verdes homes increased compared to April. 60 Palos Verdes houses sold in May compared to 39 homes in April and decreased compared to the 63 homes that sold in May 2022. There were 57 Palos Verdes single family homes pending in May which increased from the 52 homes pending in April. The number of active Palos Verdes homes for sale in May (72) increased from the 70 homes for sale in April.
Average sales price for Palos Verdes homes sold in May decreased to $2,519,000 compared to $2,561,000 in April and increased from May 2022 at $2,501,000. Price per square foot for Palos Verdes houses that sold/closed escrow in May increased to $931 from $887 in April. Average days on market in May was 29 days which decreased from 37 days in April. Months of inventory (months it would take to sell existing inventory at the current rate of sale) was 1.2 months in May which increased from 1.8 months in April 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 76 single family Palos Verdes homes for sale. 64 Palos Verdes houses are in escrow 36 homes have pending sales and 28 homes are active under contract). Additionally, 12 homes have sold/closed escrow in the first 9 days of June with an average sales price of $2,296,250.
To read my April report on Palos Verdes Real Estate sales, click here.
Chart courtesy of Trendgraphix, Inc.