Palos Verdes real estate sales July 2023 for Palos Verdes homes decreased compared to June. 40 Palos Verdes houses sold in July compared to 64 homes in June and decreased compared to the 43 homes that sold in July 2022. There were 45 Palos Verdes single family homes pending in July which decreased from the 49 homes pending in June. The number of active Palos Verdes homes for sale in July (93) increased from the 87 homes for sale in June.
Average sales price for Palos Verdes homes sold in July decreased to $2,667,000 compared to $2,778,000 in June and decreased from July 2022 at $2,799,000. Price per square foot for Palos Verdes houses that sold/closed escrow in July increased to $1,054 from $930 in June. Average days on market in July was 20 days which decreased from 31 days in June. Months of inventory (months it would take to sell existing inventory at the current rate of sale) was 2.3 months in July which increased from 1.4 months in June 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 92 single family Palos Verdes homes for sale. 48 Palos Verdes houses are in escrow 24 homes have pending sales and 24 homes are active under contract). Additionally, 12 homes have sold/closed escrow in the first 10 days of August with an average sales price of $2,605,583.
To read my June report on Palos Verdes Real Estate sales, click here.
Chart courtesy of Trendgraphix, Inc.