Palos Verdes real estate sales August 2023 for Palos Verdes homes decreased compared to July. 33 Palos Verdes houses sold in August compared to 40 homes in July and decreased compared to the 57 homes that sold in August 2022. There were 51 Palos Verdes single family homes pending in August which increased from the 41 homes pending in July. The number of active Palos Verdes homes for sale in August (94) increased from the 93 homes for sale in July.
Average sales price for Palos Verdes homes sold in August decreased to $2,432,000 compared to $2,667,000 in July and decreased from August 2022 at $2,592,000. Price per square foot for Palos Verdes houses that sold/closed escrow in August decreased to $915 from $1,054 in July. Average days on market in August was 27 days which increased from 20 days in July. Months of inventory (months it would take to sell existing inventory at the current rate of sale) was 2.8 months in August which increased from 2.3 months in July 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 100 single family Palos Verdes homes for sale. 54 Palos Verdes houses are in escrow 28 homes have pending sales and 26 homes are active under contract). Additionally, 13 homes have sold/closed escrow in the first 8 days of September with an average sales price of $2,329,846.
To read my July report on Palos Verdes Real Estate sales, click here.
Chart courtesy of Trendgraphix, Inc.
